As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen market cycles come and go, from the dizzying heights of Bitcoin’s bull runs to the crushing depths of bear markets. The news about FTX and Alameda Research’s impending dump of their crypto holdings, particularly Solana and Worldcoin, has piqued my interest.
With the court-ordered restructuring of FTX and Alameda Research nearing completion and former leaders serving prison sentences, it’s anticipated that their substantial holdings, specifically Solana (SOL) and Worldcoin (WLD), will soon be offloaded onto secondary markets. As per data analysis by Spot On Chain, Alameda Research has been consistently transferring approximately 143,770 WLD coins per week to Binance Holdings Ltd. over the past two months.
Following the sales, Alameda Research has disposed of roughly 1,560,000 WLD tokens, valued at approximately $2.51 million since August 9, 2024. At present, their total holdings amount to nearly 23.44 million WLD tokens, which are worth around $43 million.
If Alameda Research and FTX manage to reimburse creditors and clients up to $16 billion, it might lead to a surge in WLD sales in the short term, potentially dampening optimistic feelings.
Impact on WLD Price Action
Recently, the Worldcoin project has received a range of responses from the cryptocurrency market, as some suspect that the team headed by Sam Altman may have substantial impact on the price fluctuations beneath it.
Additionally, it’s worth noting that Worldcoin stands out in the market due to a substantial gap between its market cap and fully diluted valuation, currently exceeding $17 billion according to the latest report. The notable release of WLD tokens for the founding team has contributed to a significant downturn in the price of WLD since March, reflecting bearish trends.
Based on recent market figures, it’s been found that the price of WLD has decreased by more than 84% since it reached its record peak (highest ever recorded value) of over $11 earlier in the year.
On the other hand, there are signs that the WLD price might be trying to push through for an uptrend in the short term, as suggested by various technical signals.
In other words, the WLD price, over the past several weeks, has escaped from a downward logarithmic trend. This mid-sized cryptocurrency has recently tested its 50-day Moving Average (MA) and is about to make a significant bullish surge.
#WLDUSDT On the daily chart, $WLD has broken through the key resistance trend line.
Our next goal lies at approximately 2180, which marks a significant resistance level. It’s possible that a temporary retreat might occur upon reaching this stage, but the long-term earning prospects for WLD appear robust and promising.
— iamRK (@iamrehano) October 8, 2024
If the price of WLD remains steadily above $2.1 in the upcoming period, it’s likely that the price will reach its record high shortly. However, WLD investors should keep a close eye on the weekly sales from Alameda Research, as they serve as a significant source of downward pressure.
Market Picture
The Worldcoin project has grown to more than 6.8 million users through its world ID program. Backed by OpenAI CEO Sam Altman, Worldcoin has continued to penetrate more markets around the world.
Speaking as a crypto investor, I’ve been closely following the Worldcoin project, and it’s impressive to see their recent advancements. They’ve successfully expanded their reach into Europe, with Austria and Poland being the latest additions to their growing list of partners. It’s exciting to be part of such a dynamic and progressive crypto community!
Consequently, the Worldcoin initiative is consistently providing more Orbs instruments to facilitate smooth distribution of WLD tokens and recruiting new clientele.
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2024-10-09 14:45