Brothers, this really got everyone dizzy, with $WLD sending people spinning.
The chain got hit first: Lookonchain/Aiyi spotted that a project-related multisig sent about 42.37 million WLD to Binance, worth roughly $19.59 million. It was the first deposit in about five months, and after the deposit the address balance was basically wiped to zero. The market sold off along with it, and around the 23rd the daily chart even started turning downward.
But over the past few days, it has clawed back hard — Binance WLDUSDT perpetual is now around 0.5305, up about 17.9% in 24h, with volume around $363 million. Open interest is about 219 million WLD, roughly $116 million, funding is around +0.01%, and the daily chart over the past week still shows roughly a couple dozen percent of elasticity.
My take: depositing tokens doesn’t mean an immediate dump, but the supply shock is definitely there; the fact that it can rally back means there is buying support in the market. Still, this kind of “scare them first, then rip it back up” move can easily trap short-term sentiment twice over, so don’t let one green candle fool you into going all in.
The chain got hit first: Lookonchain/Aiyi spotted that a project-related multisig sent about 42.37 million WLD to Binance, worth roughly $19.59 million. It was the first deposit in about five months, and after the deposit the address balance was basically wiped to zero. The market sold off along with it, and around the 23rd the daily chart even started turning downward.
But over the past few days, it has clawed back hard — Binance WLDUSDT perpetual is now around 0.5305, up about 17.9% in 24h, with volume around $363 million. Open interest is about 219 million WLD, roughly $116 million, funding is around +0.01%, and the daily chart over the past week still shows roughly a couple dozen percent of elasticity.
My take: depositing tokens doesn’t mean an immediate dump, but the supply shock is definitely there; the fact that it can rally back means there is buying support in the market. Still, this kind of “scare them first, then rip it back up” move can easily trap short-term sentiment twice over, so don’t let one green candle fool you into going all in.
