It’s possible that Worldcoin (WLD) may experience a notable decrease in value within the next few weeks. The team intends to offload up to 1.5 million WLD tokens during the following half-year, which could trigger substantial selling and negatively impact the token’s price.
Details About The Proposed WLD Token Sale
In a recent blog update, Worldcoin announced that World Assets, an affiliate of the Worldcoin Foundation, intends to sell between 500,000 and 1.5 million Worldcoin tokens each week to a select group of international trading institutions. These token transactions will occur through private deals and may continue for approximately six months.
Approximately 36 million WLD tokens may be sold in this fashion. Notably, these tokens aren’t included in the presently circulating stock. Worldcoin indicated that “the circulating supply of WLD will grow in tandem” as token sales continue. Consequently, Worldcoin’s circulating supply would surge by approximately 18.6% to over 229 million WLD tokens following the completion of the private sale.
For those holding WLD, this new development is certainly worth being worried about due to its potential influence on the token’s price trend. However, Worldcoin attempted to minimize the significance of their token sale by stating that selling between 500,000 and 1.5 million WLD tokens per week equates to “only 0.1% to 0.4% of the current weekly trading volume.”
During this time, trading firms may be required to hold onto their World Assets for 40 days before selling them, as suggested by Worldcoin. This measure could potentially lessen the price swings resulting from a massive sale by these firms.
The Worldcoin Ecosystem
Worldcoin is a project that uses the digital currency WLD as its native token. The goal of Worldcoin is to authenticate human identities through a device called the “Orb.” Launched last year, this initiative was co-founded by Sam Altman, CEO of Open AI. However, it has faced criticism since its inception, with critics such as Ethereum‘s co-founder Vitalik Buterin raising concerns over privacy and legality.
Different countries have launched investigations into the project due to concerns that its data gathering practices might have infringed upon privacy regulations. A report by NewsBTC revealed that Worldcoin could be subjected to a fine of approximately $1.2 million in Argentina for supposedly flouting the country’s National Consumer Protection Law.
Despite facing regulatory oversight, the team remains optimistic about growing their business. They suggest in their blog that the funds raised through this token sale will be used to address the rising global need for verified World IDs using orb technology.
Currently, Worldcoin is priced at approximately $5.4 on the markets, representing a decrease of around 6% in the past 24 hours based on information provided by CoinMarketCap.
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2024-04-24 19:16