WHY IS THE PRICE OF THE WORLD CURRENCY ($WLD) FALLING A LOT?
Worldcoin (WLD) Price Drops 10% Amid Strong Whale Deposits on Exchange
Worldcoin price comes under pressure as whale deposits $3.3 million worth of WLD at #Binance . Market analysts are weighing whether the price of WLD can rise again in the coming days.
The Worldcoin whale deposited $3.3 million in WLD on Binance, creating selling pressure.
Market analysts have become skeptical about holding WLD as project activity declines.
Despite the challenges, Worldcoin continues to expand identity verification services globally.
WLD, the native cryptocurrency of Sam Altman's Worldcoin iris scanning project, has plummeted 10% in the last 24 hours, falling as low as $5.24. Furthermore, WLD's daily trading volume has increased by 80% to $644 million. Worldcoin (WLD) price has been under selling pressure with a 14% drop over the past week.
Worldcoin Whale Deposits:
On-chain data shows that Worldcoin (WLD) whales have been moving their coins to exchanges with the possible intention of selling them and are not willing to hold them any longer.
According to insights from on-chain data provider LookonChain, significant movement was observed in the $WLD cryptocurrency, with a total of 624,479 tokens valued at $3.33 million. A whale that had accumulated this amount over the past month reportedly opted to deposit it on Binance after realizing an approximate loss of $50,000.
The whale had acquired all 624,479 $WLD tokens, valued at $3.38 million, from Binance over the past month, with an average acquisition price of $5.42.
As we know, Worldcoin has been unlocking new coins on the market to increase distribution and usage. Of course, this increase in WLD supply creates selling pressure on the cryptocurrency. On the other hand, some market players warn that Worldcoin has been moving away from its goal of universal basic income.
$WLD chalk currently at $5.17 per coin at the time of writing.
Is this the best time to buy WLD dip or wait for the CPI result tomorrow?