Altcoin
Worldcoin Slips Amid Alameda Research’s Massive Dumps, WLD Price To Dip Further?
Sam Altman’s AI-meets-crypto project Worldcoin has taken significant heat lately, waining against the backdrop of Alameda Research’s massive dumps. On-chain data on Wednesday indicated that the market maker has continued selling the AI token, raising severe investor concerns as WLD price cracked nearly 5% intraday. Meanwhile, crypto market enthusiasts speculate over what lies ahead for the token in light of current market statistics and bearish sentiments prevailing with recent dumps.
Worldcoin Takes Heat As Alameda Research Sells Substantially
In an unprecedented mover, Worldcoin has encountered significant selling pressure as market maker Alameda Research continuously offloaded significant amounts of the AI token to Binance, a leading crypto exchange. According to on-chain tracker Spotonchain’s data, the market maker has been dumping 143,770 WLD to Binance weekly over the past two months.
Notably, the entity sold 1.56 million coins, worth $2.51 million, to Binance since August 9 in ten batches. The average price of these deposits was recorded as $1.605. At present, the market maker still holds 23.44 million coins worth $43 million, indicating that it could take three years to offload the complete amount at the current rate. Given the AI token’s current market stance, continuous selloffs could propel further downside momentum in the token’s price trajectory.
Meanwhile, it’s also worth noting that another one of Alameda’s top holdings is MNT, formerly known as BIT, which could see selloffs ahead as the firm’s 3-year no-sale commitment with BitDAO ends in November.
Token Price Dips 5%
Simultaneously, Worldcoin price tanked nearly 5% over the past day and is now sitting at $1.86. The coin’s intraday low and high were recorded as $1.83 and $1.98, respectively. Notably, the AI token reflects a bearish stance in light of continued selling by the market maker, raising investor concerns.
Further, Coinglass data indicated a 10% drop in the token’s futures OI to $170.83 million. Moreover, even the derivatives volume plummeted 31% over the past day to $754.13 million, underlining reduced investor interest in the asset. Coupled with Alameda’s massive selloffs, market stats hint that WLD currently rides a bearish wave across the broader market. Crypto enthusiasts expect further dips in price should more selloffs occur ahead.
However, a recent WLD price analysis by CoinGape reveals that the crypto could conversely rally 400% ahead. This bullish projection comes on the heels of analysts anticipating Microsoft’s potential acquisition of OpenAI ahead. OpenAI is another leading AI firm led by Sam Altman.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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