Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Worldcoin, the crypto project co-founded by OpenAI\u2019s CEO Sam Altman, recently saw its token\u2019s price drop over 6% following Alameda Research\u2019s continued sales. Some analysts believe WLD\u2019s price could continue to move sideways before recovering its bullish momentum. Related Reading: Experts Discuss What Made Solana Memecoins The Cycle\u2019s Top Narrative Alameda Goes On A Worldcoin Sell-off On-chain data analysis firm SpotOnChain revealed that Alameda Research has sent part of its WLD holdings to crypto exchanges for the past two months. The report shared that, since early August, FTX\u2019s sister company has transferred 1.56 million WLD tokens to Binance. The firm has sent around 143,770 WLD tokens, worth around $2.51 million, every week since August 9, selling the tokens in 10 batches at an average price of $1.6. The news came two days after US\u00a0Bankruptcy Judge John Dorsey\u00a0approved FTX\u2019s repayment plan. The approval allows the crypto exchange to pay customers between $14.7 billion and $16.5 billion in recovered crypto assets. Alameda received around $8 billion of FTX users\u2019 misappropriated funds, allegedly used for the fund\u2019s trading operations. Some suggest that the sell-off is linked to FTX\u2019s repayment plan, which is expected to start soon and could signify further selling pressure from the companies. Per SpotOnChain\u2019s report, Alameda\u2019s wallet holds 23.44 million WLD tokens worth around $43 million. At its current selling rate, it could take over three years to completely unload Alameda\u2019s Worldcoin holdings. Additionally, other altcoins could face selling pressure from the company. The wallet holds $98.8 million in other cryptocurrencies, including 100.9 million Stargate Finance (STG), 1.78 million Mantle (MNT), and 98.86 million BitDAO (BIT), now MNT. The company\u2019s BIT holdings, valued at $68 million, could start being sold in November, as the 3-year no-sale commitment with BitDAO ends. WLD Price Reacts To The News Following the sell-off report, Worldcoin saw a 6% dip in the daily timeframe. The token\u2019s price dropped from the $1.98 mark to the $1.77 support zone in the last 24 hours, representing a 4.5% decline in WLD\u2019s biweekly performance. The cryptocurrency registered a remarkable 31% weekly surge in late September after Worldcoin announced its expansion to three new countries. As reported by NewsBTC, the crypto project revealed it was bringing its World ID services to Guatemala, Poland, and Malaysia. The news, alongside the crypto market\u2019s recovery, propelled the token\u2019s price above the $2 mark, which was momentarily held. Since then, the token has struggled to reclaim the key support zone, hovering between $1.58-$2.03 levels for the past week. Related Reading: Bitcoin Whales Are Going Through A \u2018Generational\u2019 Shift, CryptoQuant CEO Reveals Crypto analyst Yuiry from BikoTrading noted that WLD\u2019s price retested the $1.5 crucial level after October 1\u2019s drop, bouncing around 33% from this level. As the token continues trying to retest the $2 resistance level, the analyst expects it to move within its new $1.8-1.98 range for a few days before breaking above it. As of this writing, WLD is trading at $1.8, an 8.7% and 27.4% increase in the weekly and monthly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":635471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[84030,26263,10923,85288,87363,93185,88685,88730,93184,83778,90283],"class_list":["post-647212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-alameda-research","tag-crypto-analyst","tag-crypto-market","tag-crypto-market-crash","tag-ftx-collapse","tag-ftx-repayment","tag-wld","tag-wldusdt","tag-world-id","tag-worldcoin","tag-worldcoin-price"],"acf":[],"yoast_head":"\n
Worldcoin Drops 6% Amid Alameda Research 1.5M WLD Sell-off<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n