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Monday’s price gives the WLFI tokens available for trading on exchanges including Binance and Coinbase, a nominal total value of about $6.4bn, according to CoinDesk.

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$6.4bn is a failure? Shouldn’t all these random tokens be worthless?

"Market capitalization" is not how much they're actually worth in any meaningful sense if coin holders started to sell.

As with any security, the reliability of a valuation depends very much on the float.

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