WLFI Coin Drops 60% After Binance Debut and Token Unlock
WLFI Coin surged to $0.55 upon its early Binance listing but swiftly tumbled to a low of $0.22 as traders anticipated further declines and ramped up short positions. Key resistance sits at $0.308 and $0.44. The downtrend was exacerbated by a scheduled token unlocking event on the Ethereum network, where 20% of pre-sale tokens (purchased at $0.015–$0.05) became transferable after a Cyfrin-audited Lockbox release. Investors must move tokens into Lockbox between August 25 and September 1 ET before the remaining 80% undergo governance-led unlocks. Short sellers expect continued pressure until futures realign near the $0.015 cost floor. This volatility underscores the risks of early Binance listings and token unlocks.
Bearish
The rapid 60% price drop following WLFI Coin’s early Binance listing and token unlocking on Ethereum signals heightened bearish sentiment. Traders anticipated token unlock supply and leveraged short positions, driving prices lower to $0.22. This mirrors past events where token unlocks—such as with XYZ Token—triggered sell-offs as pre-sale investors realized profits. In the short term, continued supply from the 20% unlocked and pending release of the remaining 80% could keep downward pressure, especially as futures traders target the $0.015 cost floor. In the long term, once token unlock events conclude and governance releases stabilize, WLFI Coin may recover if demand resurfaces. However, immediate market stability is likely to remain under strain.