Onchain trackers revealed that more than 47 million WLFI tokens were destroyed this week, trimming the supply to just under 100 billion.
The team has even floated the idea of ongoing buybacks funded by protocol fees, arguing that fewer tokens will reward loyal holders and discourage quick flippers.
Still, price action has been unkind. After touching $0.331 during its first hours of trading, WLFI quickly lost steam and is now hovering near $0.23 — a drop of over 30% from launch. Traders have pointed to heavy selling by early investors as a key driver of the slide.
The community appears divided. Some see the burn as a necessary step to protect the token’s value, while critics argue that it’s just a short-term fix.
Industry voices have also weighed in: RAAC’s Kevin Rusher called it another example of hype distracting from serious institutional adoption, while Galxe’s Mangirdas Ptašinskas noted that the frenzy briefly drove Ethereum gas fees to absurd levels, underscoring how unprepared the ecosystem still is for mass usage.
Whether WLFI can stabilize or not, the episode highlights the ongoing tension between speculative launches and the long-term credibility of crypto markets.
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