This Altcoin Price Drops 10% Amid Whale Trading: What Does This Foreshadow?

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worldcoin ‘s WLD lost 10% of its value in the last 24 hours, falling to $5.24. Additionally, daily trading volume for WLD increased by 80% to $644 million. Last week WLD remained under selling pressure with a 14% decline.

Worldcoin Whale Movements

On-chain data shows that Worldcoin whales are moving their coins to exchanges with the intention of possible selling and do not want to hold them for longer. is showing.

According to information from on-chain data provider LookonChain, a significant movement was observed in the WLD coin, involving a total of 624,479 tokens worth $3.33 million. Reportedly, a whale who accumulated this amount over the past month chose to deposit it to Binance after realizing a loss of approximately $50,000.

Whale purchased 624,479 WLD tokens worth $3.38 million from Binance over the past month at an average purchase price of $5.42.

We know that Worldcoin is trying to increase distribution and usage by unlocking new coins in the market. However, this increased WLD supply may create selling pressure on the cryptocurrency. On the other hand, some market players warn that Worldcoin is moving away from its goal of a universal basic income.

“Most retail buyers probably don’t even realize that Sam Altman currently has no active involvement in Worldcoin and that it is a completely separate entity with no relationship to OpenAI,” noted popular Bybit trader DeFi^2. Recent rumors have suggested that Worldcoin is working on an OpenAI partnership. Another popular crypto analyst and economist, Alex Kruger, said it is no longer worth holding Worldcoin.

WLD Expansion Continues, What’s Ahead?

Last week, Worldcoin announced that it is continuing to expand its authentication services to Peru. Verification via World ID globes is now available in Lima, Peru’s capital. Residents 18 and over can now verify their humanity online.

Some market analysts are of the view that the negative sentiment around Worldcoin may not last much longer. Famous crypto analyst World Of Charts took to Twitter to highlight a recent development. WLD broke out of the bullish pattern a few days ago. It is possible that the current price trend can be attributed to WLD retesting its support. If the token effectively tests this support level, its value has the potential to rise to $18 in the coming weeks.

Writer Adle Dursun about :

I am a Sociology graduate from Muğla Sıtkı Koçman University. I am actively researching and preparing content on cryptocurrency and blockchain.



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