Trump family-backed World Liberty Financial (WLFI) is currently the best-performing cryptocurrency in the daily charts, among the top 100 projects by market cap. According to CoinGecko statistics, WLFI’s price has surged more than 10% in the last 24 hours. However, the asset is glowing red in the other time frames. WLFI’s price has dipped 11.6% in the last week, 33.6% in the 14-day charts, and nearly 34% over the previous month. Let’s discuss why WLFI is surging, and if Binance has anything to do with it.
Is Binance Helping Trump’s WLFI To Surge?
According to a New York Times article, the world’s largest crypto exchange by volume gave the Trump family’s crypto firm a leg up. The report states, “Much of that success was down to an alliance with the crypto exchange Binance.” The article further notes that the exchange “has become a vital engine of the Trump family’s business over the past two months.“
The New York Times also highlights Binance’s promotional content for USD1, World Liberty Financial’s dollar-pegged stablecoin.
Additionally, President Trump also pardoned Binance founder Changpeng Zhao (CZ) in October of last year, just after the crypto market took a massive hit. CZ was accused of violating anti-money-laundering (AML) laws by US authorities. The crypto billionaire was fined a massive $4.3 billion, one of the largest corporate settlements in US history.
World Liberty Financial recently faced some controversy after it was reported that a Saudi-backed firm purchased 49% of the company.
Despite its current rally, World Liberty Financial (WLFI) may face a correction soon. The larger crypto market is still extremely fragile and investor sentiment is very low. Bitcoin (BTC) reclaimed the $71,000 price level after its dip to sub-$62,000 levels, but is far from recovered. The original crypto could face another correction over the coming days. Volatility is still high and investors could sell their WLFI coins to book profits amid a bear market.
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