LDwIt shows that the week following Elon Musk’s lawsuit filing, the whales acquired another 720,000 WLD tokens between March 2 and March 7.
Worldcoin (WLD) Whales Wallet Balances Source: Santiment
Valued at the current price of $7.20 per token at press time on March 7, the newly acquired tokens are worth approximately $5.2 million. This shows that rather than exit, the whales have capitalized on the price dip to scoop up more tokens in anticipation of more significant future gains as the project develops.
Investors with a high-risk appetite often gravitate towards distressed coins, or crypto projects embroiled in regulatory or legal contests, in hopes of a big payday if the lawsuit yields a positive outcome.
This whale cohort holds over 521.9 million WLD, representing 5.2% of Worldcoin’s 10 billion total circulation supply. On-chain buy/sell trends have historically been positively correlated to WLD price movements. If whales keep buying, WLD could avoid a dramatic price downswing as the lawsuit unfolds.
Worldcoin long-term investors are standing firm
Furthermore, another critical on-chain indicator shows that Worldcoin long-term holders are refraining from selling their tokens amid the legal crisis.
Santiment’s age consumed metric tracks long-term investors’ trading activity by multiplying the number of recently-traded coins by the number of days since they were last moved.
Age-consumed figures rise when long-term investors and project insiders are on a selling spree, with many previously long-held coins on the move.
But interestingly, the on-chain trends observed on the Worldcoin network this week show that WLD Age Consumed has been in decline since Elon Musk’s lawsuit.
Worldcoin (WLD) Age Consumed vs. Price | Source: Santiment
Specifically, the 7.5 million coin days consumed on March 7 represents an 83% drop-off from the initial spike recorded on March 2. This metric shows that the Worldcoin long-term investors continue to show diamond hands despite the swirling controversy in the past week. $WLD