- Wallet tied to the FTX exchange & sister company Alameda offloads WLD.
- After conquering the $2 support levels, WLD’s price slid down 6.2%.
- Popular blockchain intelligence firm identifies resistance levels to watch.
A crypto wallet linked to the fallen FTX exchange and its sister company, Alameda Research, has been spotted moving massive amounts of WorldCoin (WLD). For the past two months, Alamedaโs on-chain wallet has transferred a whopping 1.56M WLD tokens to Binance in ten batches at an approximate price of $1.605.
Alameda, FTX Offload Millions of WorldCoin
Netting $2.51 million for this two-month sell-off, Alameda Research is likely preparing for FTX’s client and creditor reimbursement, as its bankruptcy estate intends to start paying soon. According to CNBC, the FTX bankruptcy case judge approved the estateโs repayment plan. Currently, Alamedaโs wallet deposits 143,770 WLD coins on a bi-weekly basis.
If FTX and Alameda follow through with the new customer reimbursement plan, there could be more massive altcoin deposits to Binance, OKX, and other major exchanges. After the latest WLD sell-off to Binance, Alamedaโs wallet is left with 23.44M WLD coins, which could take three years to sell at the same pace, SpotOnChain reveals.
Is WorldCoinโs Price on the Way to $2.52?
Despite recently returning to cryptoโs TOP 100 by global market cap, WLD plunged below the $2 support levels this Wednesday amidst the crypto market correction.
Climbing back above $2 on October 7, 2024, WLD failed to sustain this level for a longer term, and 75% of current WLD holders are still in the hole. However, if WLD pushes back above the psychological threshold at $2, a further boost toward $2.18 could be a make-or-break momentum for a rally toward $2.52.
According to the metrics provided by IntoTheBlock, the price range above $2.52 offers far less selling pressure, with 22.98M WLD tokens containing the resistance bubble to $3.37.
However, WorldCoinโs chances of getting there highly depend on the current holdersโ willingness not to sell off their WLD tokens at a deficit now. WLD continues trading in an area of strong resistance with 508.83M tokens at hand in the current support bubble.
As of press time, WLD is trading at $1.88, slumping by 6.2% in the latest 24-hour period. WLD is still 10% up weekly and 30.7% in a 30-day timeframe.
On the Flipside
- The WorldCoin project faces an immense legal backlash in various countries and territories for using the iris-scanning technology without clear regulation.
- This could impose additional sell pressure on the digital identity projectโs native WLD crypto token, already down 84% from its all-time high of $11.74.
Why This Matters
WorldCoinโs crypto project stands out from the altcoin crowd as having substantial real-world utility. It uses the patented iris biometric technology, originally developed by Tools For Humanity.
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