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Trump family-backed World Liberty Financial (WLFI) token outshone cryptocurrency market heavyweights Thursday with a double-digit rally.
WLFI surged over 12% in the last 24 hours, while trading volume jumped 128%, indicating high liquidity and buying pressure.
In doing so, the token surpassed high-value tokens, such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were up 1.67% and 1.50%, respectively.
See Also: Top Trump Envoy Steve Witkoff Pressed By Senate Democrats Over Crypto Assets
The spike comes after President Donald Trump pardoned Binance founder Changpeng “CZ” Zhao, who was convicted of violating U.S. anti-money laundering rules.
World Liberty Financial, a decentralized finance platform backed by the Trumps, has had links with Binance. Most notably, the World Liberty Financial USD (USD1) stablecoin was chosen to close Abu Dhabi investment firm MGX‘s $2 billion deal with Binance earlier this year.
But barring the occasional spikes, the token has had a rough journey since its trading debut last month.
The coin has fallen nearly 70% from its peak and over 54% since it began trading. The decline has wiped out over $3 billion in the coin’s market capitalization.
The Trump family owns about 22.5 billion WLFI tokens, according to the project's official website. At the current price, their stake was a little over $3 billion.
Price Action: At the time of writing, WLFI was exchanging hands at $0.1408, up 12.91% in the last 24 hours, according to data from Benzinga Pro.
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Photo Courtesy: T. Schneider on Shutterstock.com
