👀 WLD Price Slips 7% Ahead Of Massive Token Unlock
Worldcoin's WLD price drops 7% amid new unlocking phase and insider trading allegations, releasing 2.38B tokens over 4 years.
Worldcoin ( WLD) price has dropped by 7% as the project enters a new phase of token unlocking. The unlocking cycle scheduled to begin on July 24 will unlock 238 billion WLD (5545 billion USD) within the next four years.
This unlock comes at a time when there are numerous allegations of insider trading and WLD price manipulation. However, traders are anxious waiting for the effects of the token unlock to either extend the bearish trend or pave way for a bullish rally.
🔸 Worldcoin Massive Token Unlock
As per the recent report, Sam Altman’s Worldcoin will be unlocking 2.38 billion WLD tokens. This process will take four years, and in the course of these four years, 1.63 million WLD tokens will be released daily.
In anticipation of this event, Worldcoin sent 990 million WLD to address 0x2E3. .. 8e5 and later on transferred 494 million WLD to 222 addresses.
The project intends to manage the distribution in a systematic manner in order to maintain market balance. Nevertheless, the token has lost 7% of its value which can be attributed to the market fear of more tokens being put into circulation.
🔸 Allegations of Insider Trading and Price Manipulation
Worldcoin has recently been accused of insider trading and price manipulation. A decentralized finance information account known as DeFi Squared accused the Worldcoin project of permitting insiders to benefit from the trading of the project’s token. Also, the crypto investigator ZachXBT accused the project of allowing the members of the team and venture capitalists to reap the benefits of what he called a ‘scam token.’
Worldcoin has, however, come out to refute these allegations and claims made against it. A representative of the project emphasized that both the Worldcoin Foundation and the contributing party Tools for Humanity do not allow insider trading in any way.
