Worldcoin emerges as top gainer, trading volume skyrockets !!

#BlackRock #CryptoWatchMay2024 #BTC #bitcoinhalving #Memecoins Worldcoin (WLD) has emerged as the top gainer among the leading 100 cryptocurrencies amid bullish market sentiment.

WLD surged by 23.6% in the past 24 hours and is trading at $6.50 at the time of writing — reaching this level for the first time in three weeks. The asset’s market cap is currently hovering at $1.32 billion, making it the 70th-largest digital currency.

Moreover, the daily trading volume of Worldcoin recorded a 109% rally, reaching $520 million.

According to data provided by Santiment, the WLD total open interest increased by 21.5% over the past day — rising from $131.9 million to $160.3 million at the reporting time.

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With the heightened trading volume and the sudden surge in Worldcoin’s open interest, higher price volatility would be expected due to whale activity and potential liquidations.

Data from the market intelligence platform shows that the total WLD funding rate aggregated from all exchanges dropped from 0.008% to 0.001% in the past 24 hours. This movement shows that the increased open interest has mostly come from augmented short positions.

In simple terms, the number of traders betting on a WLD price fall has impressively increased with the asset’s price rally.

According to Santiment, the Worldcoin exchange inflow is sitting at 454,380 WLD while the exchange outflow is hovering at 542,360 WLD — recording a net outflow of 87,980 coins in 24 hours. The on-chain movements indicate that some investors are accumulating Worldcoin despite the bearish expectations around the asset.

Notably, the WLD Relative Strength Index (RSI) rose from 40 to 54 over the past 24 hours, per Santiment. The indicator shows the asset is slightly overheated and an RSI of lower than 50 could hint at a stable price hike.