Worldcoin (WLD) Price Tanks 10% Amid Strong Whale Deposits to Binance
WLD, the native cryptocurrency of Sam Altman’s iris-scanning project Worldcoin, has tanked by 10% in the last 24 hours slipping all the way to $5.24. Also, the daily trading volume for WLD has surged by 80% to $644 million. The Worldcoin (WLD) price has been under selling pressure with a 14% drop over the past week.
Worldcoin Whale Deposits
On-chain data shows that the Worldcoin (WLD) whales have been moving their coins to the exchanges with the possible intent of selling and are not willing to hold longer.
According to insights from on-chain data provider LookonChain, a significant move was observed involving the cryptocurrency $WLD, totaling 624,479 tokens valued at $3.33 million. Reportedly, a whale who had amassed this amount over the past month opted to deposit it into Binance after realizing an approximate loss of $50,000.
The whale had acquired the 624,479 $WLD tokens, valued at $3.38 million, from Binance over the course of the past month, with an average acquisition price of $5.42.
A whale deposited all 624,479 $WLD($3.33M) accumulated in the past month into #Binance to stop losses, losing ~$50K.
He accumulated 624,479 $WLD($3.38M) from #Binance in the past month at an average price of $5.42 and then deposited it into #Binance 4 hours ago.… pic.twitter.com/bz4KNUb5vI
— Lookonchain (@lookonchain) May 14, 2024
As we know, Worldcoin has been unlocking new coins in the market to increase distribution and usage. Of course, this increased WLD supply creates selling pressure on the cryptocurrency. On the other hand, some market players are warning that Worldcoin has been moving away from its goal of universal basic income.
Popular Bybit trader DeFi^2 stated that “Most retail buyers are likely not even aware that Sam Altman currently has no active involvement in Worldcoin and that it’s a completely disjoint entity with no relation to OpenAI at all”. Recent rumors suggested that Worldcoin is reportedly working on an OpenAI partnership. Another popular crypto analyst and economist Alex Kruger, said that it’s no more worth holding Worldcoin (WLD).
Not a coin to hold any longer IMO. The Worldcoin L2 catalyst is already behind. Careful with coins with massive dumping pressure ahread. https://t.co/1UwdsZwOr5
— Alex Krüger (@krugermacro) May 13, 2024
WLD Expansion Continues, What’s Ahead?
Last week, Worldcoin announced that it continues to expand its ID verification services to Peru. Verification through World ID orbs is now accessible in Lima, the capital of Peru. Residents aged 18 and above can now verify their humanity online.
Some market analysts believe that the negative sentiment around Worldcoin might not last longer. Renowned crypto analyst World Of Charts took to Twitter to underscore a recent development: WLD broke out of a bullish pattern several days ago. The prevailing price trend could be attributed to WLD’s retesting of its support. Should the token effectively test this support level, there’s potential for its value to surge to $18 in the ensuing weeks.
Breakout Has Already Confirmed Retesting In Process Still Expecting Massive Bullish Wave In Case Of Successful Retest #Crypto #Wld pic.twitter.com/St75S8uCCb
— World Of Charts (@WorldOfCharts1) May 12, 2024
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Filed under: News - @ January 1, 1970 12:00 am