Worldcoin (WLD) Stabilizes Around $2 Mark After Volatile Debut on Exchanges
Summary: Worldcoin (WLD) has experienced a 6% increase in value to $2.35 on July 29, but is still 70% lower than its $7.50 debut peak price. The token is trading sideways between $2 and $2.50, potentially indicating a rising bias conflict in the market. Investors are likely to keep the token rather than sell it.
After a rocky introduction on major cryptocurrency exchanges, the value of Worldcoin (WLD) has settled down. WLD jumped almost 6% to $2.35 on July 29. Even yet, the token was 70% lower than its $7.50 debut peak price. It seems to be trading sideways between $2 and $2.50, which may indicate a rising bias conflict in the market.
There are a total of 143M of these tokens that can ever be in circulation, with 43M being airdropped to users of the Worldcoin app (equivalent to 25 WLD per user) who authenticate their identities using a physical orb that scans their eyes.
Maintaining Token’s Attractiveness
The remaining 100M tokens will be on loan to international market makers until October 2023. These market makers may either refund the WLD tokens or acquire them from the original holders for $2 + ($0.04 * X), where X is the number of tokens being bought and 1M is the total supply.
According to Kaiko Research, Worldcoin’s plan for maintaining the token’s attractiveness for future users may be to keep the price of WLD fixed around the $2 level.
Since July 24, the number of Optimism wallets with WLD coins has increased to approximately 305,000, as reported by Dune Analytics. At the same time, the amount of WLD transferred has decreased. Based on these indicators, it seems that investors would rather keep the token than sell it.
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WLD is a brand new cryptocurrency, thus there is not enough data on its price movement over the long term to make any informed predictions. On a shorter time period, however, the Worldcoin token seems to be moving up and down inside a rising channel pattern.