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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Worldcoin Drops 6% Amid Alameda Research 1.5 Million Token Sale, Will WLD Price Hold?

Rubmar Garcia
Rubmar Garcia
8 months ago
3 mins read
MATIC, Worldcoin, SUI

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Created by industry experts and meticulously reviewed
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Worldcoin, the crypto project co-founded by OpenAI’s CEO Sam Altman, recently saw its token’s price drop over 6% following Alameda Research’s continued sales. Some analysts believe WLD’s price could continue to move sideways before recovering its bullish momentum.

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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’s 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 Bankruptcy Judge John Dorsey approved FTX’s 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’ misappropriated funds, allegedly used for the fund’s trading operations.

Some suggest that the sell-off is linked to FTX’s repayment plan, which is expected to start soon and could signify further selling pressure from the companies. Per SpotOnChain’s report, Alameda’s 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’s 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’s 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’s 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’s 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’s recovery, propelled the token’s 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.

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Crypto analyst Yuiry from BikoTrading noted that WLD’s price retested the $1.5 crucial level after October 1’s 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.

WLD, WLDUSDT, worldcoin
Worldcoin (WLD) performance in the weekly chart. Source: WLDUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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