Worldcoin, a cryptocurrency-based digital identity project, recently revealed expansion plans through WLD token sales. We plan to release 500,000 to 1.5 million tokens per week for up to 6 months..
This sale could introduce 36 million WLD tokens into the circulating supply. As a result, this represents an 18.6% increase in the existing supply of 193 million tokens.
Worldcoin aims to launch WLD tokens worth $195 million.
The new 36 million tokens are worth approximately $195 million based on current market prices.
Worldcoin, which has achieved a significant milestone of more than 5 million Orb-verified World ID users across 160 countries, says it is seeing growing demand for its services.
“To meet the growing demand for old-verified World IDs globally and to support the growth of the Worldcoin network, World Assets Ltd. (a subsidiary of the Worldcoin Foundation) expects to sell WLD tokens from the World Assets Treasury in the coming months. do. ”Worldcoin announced.
Read more: Where to Buy Worldcoin (WLD): 5 Best Platforms for 2024
The scheme primarily targets non-US institutional trading firms and aims to ensure compliance with certain legal restrictions to prevent these tokens from re-entering US markets.
The planned sale includes a number of safeguards, such as a potential 40-day lock-up period to prevent immediate resale of the tokens, particularly on platforms accessible to Americans or within the United States. By engaging multiple trading firms in a competitive process, World Assets strives to secure selling prices that closely match prevailing market prices.
However, market conditions for this sale are not easy. Since March 10, the price of Worldcoin has plummeted by more than 54%.
Adding millions of new tokens is likely to cause the price to fall even further. Especially since WLD is currently struggling to maintain the $5.37 support level. Failures below this threshold may result in additional losses.
Conversely, there is optimism among some market participants. Crypto trader Alpha suggested on X (formerly Twitter) that a potential breakout could see WLD double its current value.
“WLD Breakout is next! Breakout could aim to double towards 12 here.” Alpha said.
Nonetheless, the reality remains that the influx of new tokens could increase selling pressure and negatively impact the price.
OpenAI CEO Sam Altman, along with Worldcoin CEO Alex Blania and Max Novendstern, launched the project in July 2023. World App users can verify their identity by scanning their retinas at stations known as “Orbs.”
Read More: World Coin (WLD) Price Prediction for 2024/2025/2030
In exchange for providing your biometric data, you will be rewarded with approximately 25 WLD tokens, worth approximately $135. This innovative exchange underpins the utility and attractiveness of the Worldcoin ecosystem.
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