Worldcoin (WLD) Price Tanks 10% Amid Strong Whale Deposits to Binance

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As an experienced cryptocurrency analyst, I’ve seen my fair share of market ups and downs. The recent performance of Worldcoin (WLD) has been a rollercoaster ride, with the price dipping by 10% in the last 24 hours and 14% over the past week. The selling pressure on WLD is palpable, with large whale deposits to exchanges indicating potential selling intentions.

As an analyst, I’ve noticed that the value of Worldcoin (WLD), the cryptocurrency associated with Sam Altman’s iris-scanning project, has experienced a significant decline in the last 24 hours, dropping by approximately 10% to reach a price of $5.24. Simultaneously, there has been a substantial increase in daily trading volume for WLD, reaching an impressive figure of $644 million, representing an 80% surge. The downward trend for WLD has continued over the past week, resulting in a 14% decrease in price.

Worldcoin Whale Deposits

Based on blockchain information, it appears that significant Worldcoin (WLD) investors, referred to as “whales,” have recently transferred their tokens from their personal wallets to cryptocurrency exchanges. This action could indicate their intention to sell the coins rather than continuing to hold them for an extended period.

As a researcher examining on-chain data from LookonChain, I’ve noticed a noteworthy transaction regarding the cryptocurrency $WLD. Approximately 624,479 tokens worth around $3.33 million were transferred. It is believed that this transfer was initiated by a large investor, or “whale,” who had accumulated these tokens over the past month. Unfortunately for this investor, it appears they incurred a loss of roughly $50,000 upon making this transaction.

Over the past month, Binance was where the whale purchased a total of 624,479 $WLD tokens, which had a collective value of approximately $3.38 million. The average cost per token for this acquisition was around $5.42.

Over the past month, I’ve amassed a total of 624,479 $WLD, which is equivalent to approximately $3.33 million. To mitigate potential losses, I’ve decided to transfer this entire amount into Binance. Unfortunately, this decision will result in a loss of around $50,000 due to transaction fees and other related costs.
I managed to amass a total of 624,479 dollars worth of WLD (approximately 3.38 million dollars) from my transactions on Binance over the past month, with an average purchase price of around $5.42 per token. Approximately 4 hours ago, I transferred this amount into my Binance account for further management or investment opportunities.
— Lookonchain (@lookonchain) May 14, 2024

Worldcoin has been releasing new coins into circulation to broaden its reach and utilization. Consequently, this expansion of the WLD coin supply puts downward pressure on its market price. However, certain market participants express concerns that Worldcoin may be deviating from its original mission to provide a universal basic income.

Expert: According to renowned trader DeFi^2 on Bybit, most retail investors might be uninformed about the current absence of Sam Altman’s active role in Worldcoin, which is an independent entity with no connection to OpenAI. Contrary to recent speculations, Alex Kruger advises against holding Worldcoin (WLD) any longer.

In my opinion, I no longer believe it’s worth holding onto the Worldcoin L2 catalyst. Its momentum has already moved on. Be cautious with coins that have significant downward pressure looming ahead.
— Alex Krüger (@krugermacro) May 13, 2024

WLD Expansion Continues, What’s Ahead?

Last week, Worldcoin unveiled plans to broaden the reach of its human identification services to include Lima, the Peruvian capital. Starting now, Peruvian residents aged eighteen and above have the opportunity to authenticate their humanness online using World ID orbs.

As a crypto investor, I’ve noticed some analysts expressing pessimistic views about Worldcoin recently. However, I’m keeping an optimistic outlook based on a development I’ve observed: World of Charts, a well-known analyst, pointed out that WLD broke free from a bullish pattern a few days ago. If this token successfully tests its support level in the coming weeks, there’s a strong possibility that its value could skyrocket up to $18.

$Wld
The confirmation of a retest in progress for Breakout in the crypto market suggests we may witness a significant bullish surge if the retest is successful. #Crypto #Wld
— World Of Charts (@WorldOfCharts1) May 12, 2024

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2024-05-14 12:10