- Wallets connected to FTX exchange and sister company Alameda will offload WLD.
- After conquering the $2 support level, WLD’s price fell 6.2%.
- A popular blockchain intelligence company identifies resistance levels to watch for.
Cryptocurrency wallets linked to the collapsed FTX exchange and its sister company Alameda Research have been seen moving massive amounts of Worldcoin (WLD). Over the past two months, Alameda’s on-chain wallet has transferred a whopping 1.56 million WLD tokens to Binance in 10 transactions at a price of roughly $1.605.
Alameda, FTX Offloads Millions of WorldCoins
Alameda Research, which earned $2.51 million from this two-month sale, is likely preparing to repay FTX’s customers and creditors as the bankruptcy estate is expected to begin making payments soon. According to CNBC, the judge in FTX’s bankruptcy case approved the estate’s repayment plan. Currently, Alameda’s wallet deposits 143,770 WLD coins every other week.
There could be larger amounts of altcoin deposits on Binance, OKX, and other major exchanges if FTX and Alameda implement their new customer refund plans. After WLD was recently sold to Binance, Alameda has 23.44 million WLD coins remaining in its wallet, and it could take three years for them to be sold at the same rate, SpotOnChain said.
Is WorldCoin’s price heading to $2.52?
Despite recently returning to the top 100 cryptocurrencies by global market capitalization, WLD fell below the $2 support level this Wednesday due to a cryptocurrency market correction.
Having risen back above $2 on October 7, 2024, WLD has failed to maintain this level for an extended period of time, with 75% of current WLD holders still struggling. However, if WLD exceeds the psychological threshold of $2, a further rise toward $2.18 could be the deciding momentum for the rally toward $2.52.
According to indicators provided by IntoTheBlock, prices above $2.52 have much lower selling pressure, with 22.98 million WLD tokens contained a resistance bubble at $3.37.
However, the likelihood of WorldCoin reaching its goal largely depends on the willingness of current holders not to sell their WLD tokens at a loss. WLD currently has 508.83 million tokens in its support bubble, continuing to trade in a strong resistance zone.
At press time, WLD is trading at $1.88, down 6.2% in the last 24 hours. WLD is still up 10% for the week and 30.7% for the 30-day period.
On the flip side
- The WorldCoin project is facing massive legal backlash in various countries and regions due to its use of iris scanning technology without clear regulations.
- This could put additional selling pressure on the digital identity project’s native WLD crypto token, which is already down 84% from its all-time high of $11.74.
Why This Matters
WorldCoin’s cryptocurrency project stands out among the altcoin crowd in that it has significant real-world utility. The app uses patented iris biometric technology originally developed by Tools For Humanity.
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