Trump-backed crypto token sale raises less than $12 million

Just over 24 hours after the launch of the Donald Trump-endorsed digital coin “WLFI,” it is falling short of its fundraising goals. Despite claims of high anticipation and excitement, only about 9% of registered investors have purchased the token. Trump promoted the coin in a video, but the platform has only raised about $11.8 million out of a $300 million target. The project website experienced outages, and the offering is limited to accredited investors, reducing the potential investor pool. The coin is described as a governance token, but there is currently no platform for holders to vote on. The project has not released a formal business plan, and investment goes to the platform’s treasury until it goes live. Trump and his family members may receive tokens and fees from World Liberty Financial.