World Liberty Financial’s WLFI token fell about 12% in the past 24 hours after the Trump-linked crypto venture published a thread on X defending its lending position on Dolomite, the DeFi protocol whose co-founder advises WLFI.

The thread came in response to CoinDesk’s reporting that WLFI had deposited its own governance token as collateral, borrowed stablecoins against it, and drained the USD1 lending pool to the point where other depositors could not withdraw.

WLFI did not dispute the transactions but instead argued that the position was intentional and beneficial.

“We are one of the largest suppliers and borrowers on WLFI Markets,” the X account posted. “Yes, we supplied WLFI as collateral and borrowed stablecoins. No, we are nowhere near liquidation, and frankly, even if markets moved dramatically against us, we’d simply supply more collateral.”

The statement that WLFI would add more of its own token as collateral to avoid liquidation further highlights, rather than resolves, the concern raised in CoinDesk’s reporting.

Adding more WLFI to back a position denominated in WLFI on a protocol advised by WLFI’s own advisor is a form of circularity that investors may want to keep track of.

WLFI framed its role as “anchor borrower,” saying the borrowing generates yield for other users at a time when traditional markets offer little. The team disclosed $65.58 million in open-market buybacks of 435.3 million WLFI tokens at an average price of $0.1507 over the past six months, and said a governance proposal to unlock tokens for early holders would be posted next week.

The token is now trading roughly 48% below the buyback average, meaning WLFI’s own treasury purchases are significantly underwater.

WLFI has now hit its lowest level since its 2025 launch.

Meanwhile, three billion additional WLFI tokens sit in an intermediary wallet after the treasury transferred them on April 2 and April 7. That stash is worth roughly $234 million as of current prices, down from $266 million a week ago.

The math works against WLFI on every side if those tokens follow the same path into Dolomite. Lower prices mean less borrowing power per token, and depositing more tokens to borrow more stablecoins from a pool that is already nearly drained makes it harder for other depositors to withdraw. The collateral backing the position becomes even more concentrated in a token that just lost 12% in a day.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2007.93, down 0.2% (-3.4) since yesterday’s close.

Six of 20 assets is trading higher.

Leaders: AVAX (+0.6%) and BTC (+0.3%).

Laggards: HBAR (-1.9%) and ADA (-1.3%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Bitget is expanding its product suite with IPO Prime, a proxy offering tied to the pre-initial public offering (pre-IPO) phase of SpaceX. The exchange said the initial token, preSPAX, will give retail users economic exposure to SpaceX’s post-IPO performance without granting direct ownership of SpaceX shares. SpaceX has not endorsed, approved, or authorized the offering, and Bitget emphasized that the instrument is a tokenized exposure rather than a security stake.

Key takeaways

• Bitget launches IPO Prime, offering pre-SPAX as a Republic-issued token designed to track SpaceX’s post-IPO performance without giving holders equity in SpaceX.
• The preSPAX subscription window runs April 18–21, with distribution on April 21 and subsequent OTC trading slated for later that day. VIP users reportedly receive early access via exclusive airdrop rounds.
• SpaceX’s IPO status remains unconfirmed publicly, but Bloomberg’s report highlights investor interest and potential valuation in the trillions of dollars range.
• IPO Prime fits a broader trend of crypto exchanges angling for TradFi access, placing tokenized versions of traditional assets—stocks, ETFs, and pre-IPO exposures—on crypto trading platforms.
• Industry peers and traditional market players are already experimenting with tokenized or expanded access to mainstream assets, signaling a potential shift in how retail investors participate in early-stage or pre-IPO opportunities.

Bitget’s bet on tokenized pre-IPO exposure

Bitget frames IPO Prime as a “new route” to traditional finance opportunities, part of the company’s broader aim to build a “universal exchange” that brings more TradFi assets under tokenized wrappers. The platform’s rollout centers on a subscription-based model, allowing users to apply for allocations through a tiered structure and then receive a proportional stake in the instrument.

Cointelegraph, she said: “Pre-IPO exposure used to be limited to small circles, but tokenization has changed that, providing access to traditional assets that were typically out of reach. preSPAX is our first offering and we will be bringing more such opportunities to our users this year.”

“Pre-IPO exposure used to be limited to small circles, but tokenization has changed that, providing access to traditional assets that were typically out of reach. preSPAX is our first offering and we will be bringing more such opportunities to our users this year.”

TradFi on chain: a wider push for tokenized access

Bitget’s IPO Prime sits within a broader pattern of crypto exchanges courting traditional financial products through tokenized wrappers. The concept is not unique to Bitget; several other crypto platforms have previously or currently pursued similar paths to broaden their investor base and offer a one-stop venue for traditional and digital assets.

Earlier this year, Bitpanda, a Vienna-based exchange, announced an expansion of its product suite to include around 10,000 stocks and exchange-traded funds (ETFs), signaling a push into regulated equity access via a crypto-enabled interface. Other industry actors have pursued comparable moves: Kraken unveiled a program in 2025 to offer 11,000 U.S.-listed stocks and ETFs with commission-free trading as part of a broader “phased national rollout,” while Coinbase has integrated stock trading into its ecosystem and reoriented its wallet toward a broader “everything app” concept aimed at 24/7 access to stocks, ETFs, and crypto assets. The industry framing sees these efforts as part of a broader “universal exchange” agenda to unify traditional and digital asset markets under a single platform.

Delphi Digital, a crypto research firm, has described the trend as the onset of a “super app” era in which users gravitate toward platforms that aggregate assets and trading products. The implication is that value could tilt from standalone protocols to the platforms that capture the most user attention and trading activity, as tokenized TradFi products become increasingly routinized for retail participants.

Industry peers emphasize that tokenized pre-IPO products are part of a broader expansion into professional-grade finance on crypto rails, raising both opportunities and questions. On the upside, greater accessibility could unlock early-stage and high-growth exposure for a wider audience. On the downside, investors must evaluate the liquidity, valuation methodologies, and regulatory underpinnings of tokenized pre-IPO instruments, which operate at the intersection of securities, derivatives, and digital assets.

Bitget’s strategy is not happening in a vacuum. The same week Bloomberg highlighted SpaceX’s rumored confidential IPO filing, reigniting interest in a potential post-IPO trajectory for the aerospace company. If SpaceX proceeds to public markets, tokenized pre-IPO instruments could become a more visible ladder for retail investors to engage with a stock-market-ready asset—albeit one that remains subject to the evolving regulatory and listing framework governing tokenized assets.

What to monitor next

Investors should track how pre-IPO tokenization evolves in practice: the accuracy of post-IPO performance tracking, liquidity dynamics in the OTC window, and the degree of regulatory clarity surrounding tokenized exposure to privately held companies. The SpaceX narrative—whether the company confirms an IPO timeline or refrains from public disclosure—will be a crucial backdrop for assessing the real-world demand for such products. Additionally, the reception of IPO Prime among users, and how Bitget and similar platforms refine their tiered allocations and airdrop strategies, will indicate how quickly tokenized pre-IPO access could scale across the market.

For readers seeking historical context, the broader trend toward TradFi assets on crypto platforms has already drawn attention from both crypto media and traditional financial circles. If the momentum continues, the next 12 to 18 months could define how retail investors navigate a blended landscape where tokenized stocks, ETFs, and pre-IPO exposures sit alongside digital assets in a single, cross-asset trading environment.

As markets watch SpaceX’s publicly announced or speculative IPO trajectory, IPO Prime stands as a concrete signal that crypto exchanges are actively testing the perimeter of traditional finance within blockchain-enabled product rails. Whether this approach will endure or face regulatory pushback remains to be seen, but the track record of Bitget’s latest launch indicates a continuing push to normalize access to otherwise exclusive financial opportunities.

Further reading and related coverage from the crypto press illustrate how the space is evolving. For example, reports on Bitpanda’s expansion into stocks and ETFs and Kraken’s broadened U.S. listings highlight a shared industry direction. Readers can also review Cointelegraph coverage on how exchanges are pricing, listing, and managing risk around traditional assets in a crypto context, as well as parallel analyses of the broader regulatory and market implications of these developments.

What remains uncertain is the precise regulatory treatment of tokenized pre-IPO products and how safeguards for retail investors will be enforced as these platforms scale. Yet the momentum is clear: tokenization is reshaping access to mainstream assets, and SpaceX’s rumored IPO is now part of a wider experiment in how the crypto industry can bridge private markets and public markets for a global audience.

• Dogecoin (DOGE) stalls near $0.095 as profit-taking caps upside.
• DOGE price is currently compressing between the $0.089 and $0.095 range.
• A breakout is likely as volatility builds ahead of April 20.

The price action around Dogecoin continues to sit in a tight and indecisive range, with recent trading showing very little directional strength.

At the time of writing, DOGE was trading around $0.092, moving inside a narrow 24-hour band between $0.091 and $0.0947.

Each attempt to push higher has been met with immediate resistance at $0.0947, while pullbacks continue to find support around $0.091, creating a balanced but fragile structure, where price remains stable on the surface but increasingly tense underneath.

Profit-taking pressure keeps bulls in check

A key factor limiting DOGE’s upside momentum is consistent profit-taking near local highs.

Over the past trading sessions, price has repeatedly failed to hold above $0.094–$0.095, with every move into this zone triggering selling and pushing price back toward the mid-range near $0.092.

This behaviour is reinforced by the broader weekly structure.

Despite minor gains of around 1% over the past 7 days, DOGE remains largely unchanged across longer timeframes, with only +0.8% over 30 days.

This lack of trend continuation suggests that buyers are not committing beyond short-term trades.

On top of that, derivatives positioning has added scepticism to the upside.

The presence of notable short positions in the market shows that some traders are actively betting against sustained rallies.

This does not guarantee downside movement, but it does explain why upward pushes struggle to build momentum.

Compression builds as technical structure tightens

From a technical perspective, DOGE is clearly in a compression phase.

The 24-hour range of roughly $0.091 to $0.0947, combined with a 7-day range of just over $0.089 to $0.095, highlights how tightly the price is coiling.

This structure aligns with a descending triangle pattern, where lower highs continue to form while support remains anchored near the $0.089–$0.090 zone.

At the same time, price is also trading inside a broader Ichimoku cloud on the 4-hour chart, which typically signals indecision and equilibrium rather than a trending market.

These overlapping structures matter because they all point to the same conclusion: volatility is being compressed.

When multiple technical signals converge like this, the market often prepares for a sharp expansion move.

However, direction remains undefined until either support or resistance breaks convincingly.

Liquidity positioning and the “Doge Day” factor

Beyond chart structure, short-term market dynamics are also shaping sentiment.

Robinhood transferred 327 million DOGE (valued at about $30 million) from cold storage to hot wallets on April 9.

While this is not direct buying pressure, it is widely interpreted as preparation for increased trading activity.

This timing is notable as it coincides with growing attention toward the upcoming “Doge Day” period around April 20.

Historically, these events tend to increase retail participation and short-term volatility, even if they do not always produce sustained trends.

At the same time, broader crypto conditions have provided only mild support.

Bitcoin’s modest gains have helped stabilise sentiment across the market, but DOGE has not shown strong independent momentum. Instead, it continues to trade within its own compressed structure.

Key Dogecoin price levels that will define the next move

For now, DOGE remains in a consolidation phase where patience matters more than prediction.

Once price finally breaks out of the current range, the move is likely to be fast, sharp, and decisive, simply because the market has already spent days building pressure without releasing it.

As the market awaits the next move, the most important DOGE price level for traders remains the $0.09 psychological support zone.

Dogecoin price has held above this level consistently, and any sustained breakdown below $0.089 would mark a clear shift in structure.

Below that, the next area of interest sits near $0.088, where previous accumulation has occurred.

On the upside, resistance remains firmly in place between $0.094 and $0.095.

A daily close above $0.095 would be an important technical signal, suggesting that buyers are finally absorbing overhead supply.

If that happens, the next potential target would be the $0.104 region, which marks a previous local high.

Cryptocurrency exchange Bitget has launched IPO Prime, a proxy offering tied to the pre-initial public offering (IPO) phase of Elon Musk’s aerospace manufacturing and space transportation company, SpaceX.

Bitget said Friday that IPO Prime will start with preSPAX, a Republic-issued token designed to give retail users economic exposure tied to SpaceX’s post-IPO performance. The exchange said the product does not give buyers direct ownership of SpaceX shares, and that SpaceX has not endorsed, approved or authorized the offering.

The launch highlights how crypto exchanges are bringing more traditional investment products onto blockchain rails in a bid to attract users with round-the-clock access to assets that have historically been harder for retail investors to reach.

The announcement comes as Bloomberg reported that SpaceX is said to have confidentially filed for an IPO, with valuation targets ranging from $1.75 trillion to over $2 trillion, though the company has not publicly confirmed the move.

Bitget said the offering will be available across all jurisdictions where the exchange is compliant, through a subscription-based model where users can apply for allocations through a tiered structure. 

Bitget said the subscription window for preSPAX will run from April 18 to April 21, with distribution on April 21 and OTC trading scheduled to begin later that day. Gracy Chen, Bitget’s CEO, told Cointelegraph that VIP users will receive early access through two exclusive pre-launch airdrop rounds ahead of the broader rollout.

“Pre-IPO exposure used to be limited to small circles, but tokenization has changed that, providing access to traditional assets that were typically out of reach. preSPAX is our first offering and we will be bringing more such opportunities to our users this year.”

Crypto-native companies with similar pre-IPO offerings include Solana-based PreStocks, Orderbook and Republic. Competitors from traditional finance include Nasdaq Private Market, Hiive, Forge Global and EquityZen.

Related: Crypto exchanges chase TradFi commodities market as pricing gaps persist

Crypto exchanges vie for universal exchange ambitions through TradFi products

Bitget positions the pre-IPO platform as a “new route” to traditional finance opportunities and part of the company’s “universal exchange” ambitions, seeking to bring more TradFi assets under tokenized wrappers.

Other large cryptocurrency exchanges have also launched access to TradFi investment products in a bid to widen their investor base. In January, Vienna-based crypto exchange Bitpanda said it was expanding its offering to include about 10,000 stocks and exchange-traded funds (ETFs).

In April 2025, Kraken announced the launch of 11,000 US-listed stocks and ETFs with commission-free trading in an effort to bring “equities and digital assets together” under one trading platform, as part of a “phased national rollout.”

Coinbase exchange also launched stock trading at the end of 2025 and rebranded its wallet app as an “everything app,” as the first step to enable 24/7 trading of stocks and ETFs along with crypto assets.

Crypto research firm Delphi Digital called the phenomenon the “super app” race, predicting an “aggregation era” for the crypto industry, as value shifts from protocols to platforms with the most users and trading products. 

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?