Worldcoin (WLD) Faces Price Pressure as FTX Plans Auction of 22.3 Million Tokens
Worldcoin (WLD) is experiencing a decline in price, dropping over 2% following reports that FTX intends to auction 22.3 million locked tokens. This move is part of FTX's ongoing efforts to repay creditors amid its bankruptcy proceedings.
FTX will offer these WLD tokens, valued at approximately $37.7 million, with expected discounts ranging from 40% to 75% off the current market price of around $1.69. The tokens are scheduled to unlock gradually until 2028. The first batch will become available daily from December 1, 2024, to July 24, 2026, while the second batch will unlock daily from July 25, 2026, to July 24, 2028. As a result, the WLD price currently hovers around $1.70, reflecting a notable weekly decline of over 20%.
Bids for the WLD tokens are due by midnight UTC on Wednesday, with notifications of successful bids expected by Thursday. Mike Cagney, CEO of Figure Markets, indicated that his firm may establish a fund to participate in the auction, similar to their previous efforts with Solana tokens.
This auction follows FTXâs earlier sales of Solana and Metaplex tokens, which were also conducted at a discount. In May, the estate successfully sold a portion of its Solana tokens worth $7.5 billion. Currently, FTX's estate retains around $594 million in residual assets, predominantly in illiquid FTX (FTT) tokens.
Looking ahead, despite the current downward pressure on WLD prices, technical analysis suggests potential growth in 2025, with price forecasts ranging from $3.56 to $4.29. Worldcoin, co-founded by OpenAI's Sam Altman, recently expanded its World ID verification system to Poland, enhancing its global presence and outreach.
Follow for updates, news and trends. Like and share. Thank you.
buy these and enjoy. dyor
#BinanceLaunchpoolHMSTR #EIGENonBinance #BTCReboundsAfterFOMC #NeiroOnBinance #Write2Earn!
