WorldCoin has experienced a significant decline, plummeting more than halfway from its previous all-time high earlier this year. 

The downward trend continues, with the token losing an additional 6% of its value today, bringing its current trading price to $4.76.

In a recent on-chain development, a notable whale address, identified as 0x4A9E…c261F, deposited 1.4 million $WLD tokens to Binance a few hours ago, amounting to a substantial $6.78 million. 

If these tokens were to be liquidated, it would result in a loss of $560,000.

WorldCoin Whale Accumulation And Sell-Offs 

This whale address has been active in accumulating WorldCoin tokens since the outbreak of the AI track from February 14 to April 11. During this period, the whale acquired tokens in batches, totaling 4.22 million, at an average transfer price of $5.2. 

However, recent actions suggest a shift in strategy, with suspicions arising that the whale has been selling off portions of its holdings. Over the past three days alone, approximately 1.73 million WLD tokens, valued at $8.45 million, are believed to have been sold.

The timing of the whale’s deposit to Binance amid the token’s declining value raises questions about the intentions behind the transaction. While WorldCoin struggles to regain momentum, the actions of major stakeholders such as this whale address significantly influence market dynamics.

As investors monitor the market for signs of recovery, the influx of tokens to exchanges and the selling pressure exerted by large holders like the identified whale will continue to shape WorldCoin’s trajectory. The ongoing volatility underscores the challenges faced by both investors and projects in navigating the cryptocurrency landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fotographic/123RF // Image Effects by Colorcinch

The post WorldCoin Faces Steep Decline as Whale Deposits Millions To Binance appeared first on The Merkle News.

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Filed under: Bitcoin - @ April 18, 2024 9:07 pm