The crypto coin backed by Trump fails to meet its $300 million sales target, raising only $12 million.

• The WLF proposal in a roadmap to potential investors states that the coin aims to raise $300 million at a $1.5 billion valuation during its initial sale.
• The platform has sold over 788 million tokens at a price of $0.015 per token.
• Despite selling less than 4% of the 20 billion tokens, the fundraising effort has only raised $11.8 million, which is far below the $300 million target.

The 24-hour mark has passed since the launch of the Donald Trump-backed cryptocurrency "WLFI," and the token is falling short of the fundraising targets established by its creators.

On Tuesday morning, World Liberty Financial, a crypto bank that promotes borrowing, lending, and investing in digital coins, started its token sale. On Monday, project co-founder Zachary Folkman boasted in a pre-launch stream on X that over 100,000 people were whitelisted to invest.

""We anticipated this project with excitement and knew it would be highly anticipated. We also knew there was a lot of excitement in the marketplace. However, the numbers we're seeing are unheard of, and we're setting new records in crypto," said Folkman to the 12,000 people tuning into the event on X."

Etherscan's tracking of blockchain data reveals that approximately 9% of registered individuals hold the token, with 9,050 unique wallet addresses in possession of it as of Wednesday morning.

On Tuesday evening, Trump promoted the World Liberty website and the ongoing token sale in a video post on X, stating that "crypto is the future."

The WLF proposal in a roadmap shared with prospective investors, as first reported by The Block, states that the coin aims to raise $300 million at a $1.5 billion valuation during its initial sale. The platform has already sold over 788 million tokens at a price of $0.015 per token.

Despite selling less than 4% of the 20 billion tokens, the fundraising effort has only raised $11.8 million, which is far below the $300 million target.

WLF did not respond to CNBC's request for comment.

The project website, which is the only platform for the new coin, frequently experiences prolonged downtime, displaying a message that says "Maintenance in progress."

The coin's debut may have been hindered by other obstacles, such as its status as a Regulation D token offering, which has limited retail investors' involvement in the process.

The provision allows for capital to be raised without registering a security with the U.S. Securities and Exchange Commission, but certain conditions must be met, such as limiting the size of the sale and restricting it to accredited investors, defined as having a net worth of more than $1 million. However, this offering may limit the size of the potential investor pool.

The governance token WLFI, held by the World Liberty team, enables holders to participate in decision-making about the protocol but does not represent ownership in the venture.

Currently, WLFI token holders have no voting options as the associated crypto bank has not yet been established.

Aave, a well-established and reliable crypto lending platform, was the first to be considered for approval by WLF during the crypto bank application process that commenced last week.

A 400-word proposal posted to Aave's governance forum is the only information available about World Liberty's plans.

The platform's treasury receives investment in the coin until the coin holders receive their I-O-U upon platform approval and launch.

World Liberty Financial's website states that Trump and his family members may receive tokens and significant fees for services provided to the company, the exact amount of which is yet to be determined.