Worldcoin to Boost WLD Supply by 19% in Next Six Months, WLD Price under Pressure

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Worldcoin, the digital identity initiative led by Sam Altman and known for its iris scanning system, revealed plans to expand the circulating supply of its WLD tokens by an impressive 19% within the next six months. This expansion will be carried out through private sales exclusively for non-US institutions.

On their blog published on April 23, Worldcoin announced that the World Assets subsidiary under the Worldcoin Foundation, responsible for managing WLD assets, would sell approximately 1.5 million Worldcoins (WLD) each week, equivalent to around $8.5 million. This sale would occur through a sequence of “private deals with a limited number of international trading firms” outside the US.

According to World Assets, they anticipate selling between 0.5 and 1.5 million WLD tokens per week on average. Consequently, the total amount of circulating WLD in the market will grow accordingly.

For six consecutive months, Worldcoin pumps out an impressive 1.5 million WLD tokens weekly, totalling an astounding new supply of approximately 36 million WLD tokens. At present, the WLD token market holds around 193 million tokens, implying that this expansion represents nearly a 19% increase in the existing supply, translating to a value of roughly $200 million based on current estimations.

When word got out that Worldcoin was boosting its WLD token supply, there was a noticeable drop in buying interest, causing the price to fall. Currently, Worldcoin (WLD) is priced at $5.32, a decrease of 3.5%, and has a market capitalization of over $1.058 billion.

Worldcoin announced plans to talk with specific trading companies for confidential token sales at approximately current WLD market values. By doing this, they hope to minimize any significant price fluctuations for the token during the sale process.

About the Worldcoin (WLD) Project

Sam Altman, CEO of OpenAI, along with Alex Blania and Max Novendstern, introduced Worldcoin last summer in July 2023 during the beta phase. This innovative project, helmed by Worldcoin’s CEOs, aims to tackle identity challenges arising from advancements in AI technology. Additionally, it proposes a new approach to universal basic income through its native WLD token.

Through Worldcoin’s “World App,” users provide their identities by scanning their retinas using the company’s machines called “Orbs. as a result, they obtain about 25 Worldcoins, currently worth around $137 in value.

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2024-04-24 14:24