Coinspeaker Worldcoin (WLD) Price Spikes Over 55% but ZachXBT Issues Caution to Investors
Worldcoin (WLD), a Web3 project incubated by OpenAI CEO Sam Altman and focused on building a leading human identity and a financial network, has registered notable achievements in the recent past.
Amid the ongoing crypto bullish recovery led by Bitcoin (BTC), the Worldcoin price has surged over 55 percent in the past week to trade at about $3.01 on Wednesday during the early New York session.
The Worldcoin project has attracted notable attention from speculative investors around the world seeking to capitalize on the ongoing crypto bull run. Moreover, the Worldcoin team has been offering new users incentive coins for registering with the network. According to Worldcoin’s official website, there are more than 6 million unique humans from over 160 different countries with the Worldcoin ID verification.
Worldcoin Tokenomics at Close Glance
The Worldcoin project has received significant criticism for its huge total supply of WLD compared to its circulating supply. Out of the 10 billion max WLD coins, only 276.9 million coins have been issued to the community, thus leaving a huge chunk with the team.
To put the figures into perspective, Worldcoin has a market cap of about $831 million and a fully diluted valuation of around $30 billion. With only a liquidity of about $3.65 million against Wrapped Ether (WETH), on-chain sleuth ZachXBT has issued a warning to investors of a possible market dump by the insiders.
Prioritizing simplicity: allowing insiders to continue profit off your scam token while larping as if you build tools for humanity. https://t.co/gXHBY3vLdA pic.twitter.com/bFFwy1Caui
— ZachXBT (@zachxbt) July 17, 2024
According to Worldcoin CEO Alex Blania, market makers have been preventing the WLD price from spiking beyond $10 by gradually increasing the supply in the market. Although Blania claimed, during the Token2049 event in Dubai, that the team does not control the underlying price, the study shows the contrary.
“The reality is that an 11-figure valuation is only possible due to the team’s tokenomics design, and the token’s daily price moves have been on many occasions influenced by the team as they actively make changes to emissions, market maker contracts, and well-timed announcements before unlocks. It raises the question of why they would not want the public to believe this is the case,” a top trader on Bybit noted.
As the Worldcoin project prepares to unlock insider WLD coins in less than a week, ZachXBT has called out the team for manipulating the price to dump on uninformed investors.
WLD Price Action
The ongoing mass registration of Worldcoin in different jurisdictions around the world has bolstered the underlying value. As Coinspeaker previously reported, the Worldcoin project has expanded in different nations led by Ecuador and Kenya.
From a technical perspective, WLD’s price must consistently close above $4.8 in the coming weeks to ensure a bullish momentum ahead.
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Worldcoin (WLD) Price Spikes Over 55% but ZachXBT Issues Caution to Investors
