Buyback and Burn Exceed 53 Million Tokens — So Why Is WLFI Still Underperforming?

TradingKey – The WLFI team has executed buybacks and burned over 53 million tokens, yet investor sentiment remains muted and the token’s price continues to languish.

On Wednesday, September 3, WLFI’s governance approved the destruction of 47 million additional tokens. Despite the aggressive deflationary move, WLFI fell more than 4% over the past 24 hours and is trading around $0.22.

WLFI price chart, source: CoinMarketCap

For this burn, WLFI’s developers say they are honoring the on-chain governance proposal to use protocol revenue to repurchase and destroy tokens. The initiative was first announced on September 1, coinciding with WLFI’s spot trading debut.

At launch, WLFI opened at $0.20, spiked toward $0.50, then steadily retreated. That same day, the team tapped its USD1 stablecoin reserves to buy back over 6 million WLFI. Including today’s burn, the project has now repurchased and destroyed more than 53 million tokens in total.

Despite rolling out the buyback-and-burn plan — and following through on it — WLFI’s price has not rebounded. Market participants point to lingering reputational damage from the token’s controversial initial circulating supply announcement. Moreover, nearly 80 billion WLFI tokens remain locked but could flood the market at any time, keeping selling pressure high.