LIVEWhen it occurs during a period of heighten market fear, uncertainty, and doubt it could boost other investors’ confidence.
How will Worldcoin price react to Elon Musk’s lawsuit?
The early bullish reactions from Whales and long-term investors suggest they will likely prop up WLD prices in the near term. By continuing to HODL amid intense bearish headwinds from the legal battle between Elon Musk and OpenAI, these key stakeholders convey confidence in the long-term prospects and value of Worldcoin.
Unsurprisingly, rather than head into a downward spiral as initially feared, WLD price has now rebounded from its weekly low of $5.60 on March 5 to reclaim $7.20 territory at press time on March 7.
This rare bullish conviction may stem from belief in the project’s fundamentals or a strategy to front-run massive gains if OpenAI experiences its own Ripple (XRP) breakout moment with a legal victory over Elon Musk.
If the current dynamics persist as the lawsuit lingers, Worldcoin price could defy the odds and enter another leg-up towards $10
LIVETrending
WLD
$7.6
+5.76%
Between Feb. 25 and March 7, WLD prices dipped 40% from its $9.50 all-time high after Elon Musk filed a lawsuit against Worldcoin’s parent firm.
Between bullish tailwinds from the NVIDIA-led Crypto AI renaissance and bearish headings from the legal battle between Elon Musk and OpenAI, Worldcoin price levers have been pulled in opposite directions since March 1.
On-chain data trends provide vital insights into how initial response among crypto whales and Worldcoin long-term investors could impact WLD short-term price action.
Worldcoin price initially dipped 40% after Elon Musk filed lawsuit
On March 1, Elon Musk filed a lawsuit against Worldcoin’s parent company, OpenAI, for breach of fiduciary duty and claims of unfair business practices. The news effectively truncated a historic February rally for the Worldcoin’s native WLD token.
Worldcoin (WLD) Price action before and after Elon Musk Lawsuit | February – March 7, 2024. Source: TradingView
WLD’s price soared 320% to an all-time high of $9.50 on Feb 25, which momentarily saw its market cap surpass the $1 billion mark. As news of Elon Musk’s lawsuit against OpenAI broke, it set off a panic yard sale, sending Worldcoin’s price spiraling 40% to a two-week low of $5.60 on March 5.
It has now been a week since Elon Musk’s lawsuit against OpenAI. The two major stakeholder blocs within any cryptocurrency network are long-term holders and whale investors. On-chain indicators show that both groups have taken on a bullish disposition on Worldcoin.
Crypto Whales continue investing in Worldcoin
With one eye on the crypto AI, rave partly triggered by NVIDIA’s record-breaking 2023 fourth-quarter earnings and growing adoption of the controversial iris scanning orbs, risk-seeking Worldcoin whales have refused to throw in the towel.
The Santiment chart below depicts real-time changes in whale wallets holding 1 million to 10 million WLD balances. $AI
LIVE