Worldcoin (WLD), the native cryptocurrency of Sam Altman’s iris-scanning project, has faced significant pressure as whale investors deposit $3.3 million worth of WLD to Binance. The price of WLD has dropped 10% in the last 24 hours, falling to $5.24. Alongside this, the daily trading volume for WLD has surged by 80% to $644 million, indicating heightened market activity and selling pressure.

Whale Deposits Impacting Worldcoin

On-chain data reveals that Worldcoin whales have been transferring substantial amounts of WLD to exchanges, likely with the intent to sell rather than hold. Insights from on-chain data provider LookonChain highlighted a notable transaction involving 624,479 WLD tokens, valued at $3.33 million. This whale, who accumulated the tokens over the past month, deposited them into Binance, incurring a loss of approximately $50,000.

The whale had purchased the 624,479 WLD tokens, valued at $3.38 million, from Binance over the past month at an average price of $5.42. Worldcoin’s strategy of unlocking new coins to increase distribution and usage has also added to the selling pressure on the cryptocurrency.

Market Sentiment and Speculation

There is growing skepticism about Worldcoin's direction, especially concerning its original goal of universal basic income. Popular Bybit trader DeFi^2 noted that many retail buyers might not be aware that Sam Altman currently has no active involvement in Worldcoin, and it operates independently of OpenAI. Rumors of a potential partnership between Worldcoin and OpenAI have been circulating, but these remain unconfirmed.

Crypto analyst and economist Alex Kruger has expressed doubts about the value of holding Worldcoin (WLD) in its current state, further fueling negative sentiment.

Worldcoin’s Expansion and Future Prospects

Despite the recent price drop, Worldcoin continues to expand its services. Last week, the company announced the expansion of its ID verification services to Peru, with verification now available in Lima. Residents aged 18 and above can verify their humanity online through World ID orbs.

Some market analysts believe that the negative sentiment surrounding Worldcoin might be temporary. Renowned crypto analyst World Of Charts noted on Twitter that WLD recently broke out of a bullish pattern. He suggested that the current price trend could be a result of WLD retesting its support level. If this support holds, there is potential for WLD’s value to surge to $18 in the coming weeks.

Conclusion

Worldcoin’s recent price drop and whale activity have raised concerns among investors. However, its ongoing expansion efforts and potential for a price rebound provide a glimmer of hope. As the market watches closely, the next few weeks will be critical in determining WLD’s future trajectory.

$WLD #Worldcoin #Binance #SamAltman

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