As a seasoned researcher with a penchant for deciphering market trends and a knack for navigating the crypto landscape, I find myself intrigued by the current state of Worldcoin (WLD). The selling pressure from Alameda Research has certainly raised eyebrows and sent shockwaves through the community.
Recently, Sam Altman’s project Worldcoin, which combines AI and cryptocurrency, has faced criticism and lost momentum amid Alameda Research’s large-scale selling of the AI token. On Wednesday, on-chain data showed that the market maker continued to sell the token, causing investors to worry as the price of WLD dropped by almost 5% in a single day. Cryptocurrency enthusiasts are now discussing what the future may hold for the token considering the current market trends and the bearish sentiments caused by recent dumps.
Worldcoin Takes Heat As Alameda Research Sells Substantially
In an unexpected development, Worldcoin’s AI token has faced intense selling pressure. This is due to Alameda Research, a prominent market maker, repeatedly unloading large quantities of the WLD token onto Binance, a major cryptocurrency exchange. Over the last two months, data from Spotonchain shows that the market maker has been disposing of approximately 143,770 WLD tokens on Binance every week.
As a researcher, I’ve observed an interesting trend: Since August 9th, this entity has sold approximately 1.56 million coins, totaling around $2.51 million, to Binance in ten separate transactions. The average price for these deposits was roughly $1.605 per coin. Currently, the market maker still possesses about 23.44 million coins, which equates to around $43 million. This suggests that if the market maker were to sell off its entire holding at the current rate, it would take approximately three years to do so. Considering the present state of the AI token’s market, continued sell-offs could potentially intensify a downward price trend for the token.
Additionally, it’s important to mention that Alameda’s portfolio also includes MNT, previously known as BIT. If BitDAO’s 3-year no-sale agreement with the company ends in November, there may be potential selloffs of this asset.
Token Price Dips 5%
Today, Worldcoin’s price dropped approximately 5% to reach $1.86. Throughout the day, its lowest point was $1.83 and its highest was $1.98. Interestingly, the AI token is currently showing a bearish trend due to ongoing selling by market makers, which has sparked worries among investors.
Reflecting on the Coingecko data, I observed a 10% decrease in the token’s futures Open Interest to $170.83 million. Additionally, the derivatives volume sank a staggering 31% within the last day, reaching $754.13 million. This marked reduction in investor activity suggests a dwindling interest in the asset. Furthermore, Alameda’s significant selloffs seem to align with this trend, pointing towards a bearish market scenario for WLD. Crypto aficionados anticipate additional price drops if further selloffs are forthcoming.
As a crypto investor, I’ve recently come across an intriguing prediction from CoinGape’s WLD price analysis: The cryptocurrency might surge as much as 400% in the near future. This optimistic outlook is based on speculation surrounding Microsoft potentially acquiring OpenAI, a leading AI firm helmed by Sam Altman.
Read More
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- Strongest Magic Types In Fairy Tail
- HBAR PREDICTION. HBAR cryptocurrency
- ORDI PREDICTION. ORDI cryptocurrency
- ADA PREDICTION. ADA cryptocurrency
- UNI PREDICTION. UNI cryptocurrency
2024-10-09 13:07