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WLFI fell by more than 17% within 36 hours after a token unlock proposal entered voting. The price dropped from $0.074 on April 28 to around $0.061 as selling pressure increased, coinciding with heavy transaction activity and rapid approval of the proposal by major holders.
WLFI’s decline accelerated when governance voting opened on the token unlock proposal. Traders began selling within hours of the voting launch, and governance data showed the move occurred as voting gained traction and reached quorum early.
Support for the proposal was reported at about 99.5% from participating wallets.
Transaction activity also spiked during the same period. On April 29, whale transactions peaked with 15 large transfers appearing within a four-hour window, the highest level in two weeks. The spike in large transfers aligned with the start of the token unlock vote, and market participants responded with increased selling pressure across trading platforms.
The proposal outlines a plan to unlock 62.28 billion tokens over five years after a two-year lock period. Although the unlock schedule is delayed by the lock, traders appeared to price in potential future supply increases immediately.
The token plan allocates 45.2 billion tokens to insiders and 17 billion to early supporters. It also includes a burn of 10% of insider tokens, totaling around 4.5 billion WLFI.
Project governance data indicated voting power is concentrated among a small group of wallets. The largest wallet controlled nearly 13% of the vote, while the top four wallets together held around 40% of total voting power. This concentration enabled a small group to strongly influence the proposal outcome.
While project developers said the structure improves clarity by replacing indefinite lockups with a defined schedule, the market reaction suggested traders were focused on long-term dilution risks.
Critics also raised concerns about governance balance and the proposal’s timing. Moonrock Capital’s Simon Dedic described the plan as a “rug pull” in a public statement, and Tron founder Justin Sun called it “one of the most unreasonable proposals” he has seen.
The criticism followed earlier disputes involving the project and Justin Sun. Sun previously claimed the project froze his tokens and removed his governance rights. Project representatives denied those claims, and the dispute remains unresolved at this time.
During the period of heightened governance activity and public criticism, WLFI continued to reflect selling pressure.
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