The post Worldcoin Drops 6% Amid Alameda Research 1.5M WLD Sell-off appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Worldcoin, the crypto project co-founded by OpenAI’s CEO Sam Altman, recently saw its token’s price drop over 6% following Alameda Research’s continued sales. Some analysts believe WLD’s price could continue to move sideways before recovering its bullish momentum. Related Reading Alameda Goes On A Worldcoin Sell-off On-chain data analysis firm SpotOnChain revealed that Alameda Research has sent part of its WLD holdings to crypto exchanges for the past two months. The report shared that, since early August, FTX’s sister company has transferred 1.56 million WLD tokens to Binance. The firm has sent around 143,770 WLD tokens, worth around $2.51 million, every week since August 9, selling the tokens in 10 batches at an average price of $1.6. The news came two days after US Bankruptcy Judge John Dorsey approved FTX’s repayment plan. The approval allows the crypto exchange to pay customers between $14.7 billion and $16.5 billion in recovered crypto assets. Alameda received around $8 billion of FTX users’ misappropriated funds, allegedly used for the fund’s trading operations. Some suggest that the sell-off is linked to FTX’s repayment plan, which is expected to start soon and could signify further selling pressure from the companies. Per SpotOnChain’s report, Alameda’s wallet holds 23.44 million WLD tokens worth around $43 million. At its current selling rate, it could take over three years to completely unload Alameda’s Worldcoin holdings. Additionally, other altcoins could face selling pressure from the company. The wallet holds $98.8 million in other cryptocurrencies, including 100.9 million Stargate Finance (STG), 1.78 million Mantle (MNT), and 98.86 million BitDAO (BIT), now MNT. The company’s BIT holdings, valued at $68 million, could start being sold in November, as the 3-year no-sale commitment with BitDAO ends. WLD Price Reacts To The News Following the sell-off report, Worldcoin saw a…

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Filed under: News - @ October 10, 2024 11:28 am