WorldCoin Whale Activity Sparks Concerns Amid Price Decline
The cryptocurrency market has been rocked by the recent decline of WorldCoin, which has plummeted more than halfway from its previous all-time high earlier this year. The downward trend continues, with the token losing an additional 6% of its value today, bringing its current trading price to $4.76.
In a surprising on-chain development, a notable whale address deposited 1.4 million $WLD tokens to Binance, amounting to a substantial $6.78 million. If these tokens were to be liquidated, it would result in a loss of $560,000.
This whale address has been actively accumulating WorldCoin tokens since the outbreak of the AI track from February 14 to April 11, acquiring a total of 4.22 million tokens at an average transfer price of $5.2. However, recent actions suggest a shift in strategy, with suspicions arising that the whale has been selling off portions of its holdings. Over the past three days alone, approximately 1.73 million WLD tokens, valued at $8.45 million, are believed to have been sold.
The timing of the whale’s deposit to Binance amid the token’s declining value raises questions about the intentions behind the transaction. As investors monitor the market for signs of recovery, the influx of tokens to exchanges and the selling pressure exerted by large holders like the identified whale will continue to shape WorldCoin’s trajectory. The ongoing volatility underscores the challenges faced by both investors and projects in navigating the cryptocurrency landscape.
It is important for investors to do their research before buying any cryptocurrency or investing in any services. Stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news by following us on Twitter @themerklehash.
