Worldcoin has had a rough start to the year. The WLD price has been sliding for months, dropping about 60% just this month and sitting near $0.87. Many would see that as a warning sign. Yet, some observers believe it might actually be the beginning of something deeper a transition from hype-driven trading to long-term value building.
A market watcher named Spermix shared a perspective that captures this shift on X. He believes Worldcoin isn’t overvalued at all; it’s simply underappreciated. His idea focuses on how the market often overlooks assets that are quietly developing real utility while attention chases louder, trendier narratives.
What you'll learn 👉
A Gap Between Market Value and Potential Value
One of the more interesting points Spermix raised is the imbalance between Worldcoin’s current market cap and its fully diluted value. The Worldcoin token now sits at roughly a $2B market cap, while its fully diluted valuation the total value if all tokens were circulating stands near $9B. That’s a significant difference.
Such gaps can matter because they hint at unrealized potential. When tokens begin closing that gap, they sometimes experience what traders call “re-rating events,” where the market suddenly recognizes previously ignored value. It’s not a prediction, just an observation that these setups have historically led to strong moves once fundamentals catch attention.
Despite the downturn, WLD still records over $130M in daily trading volume. That’s quite active for a token that has been drifting sideways in price. Large and steady volume during quiet price periods often signals that liquidity providers and institutional participants haven’t left the market.
In other words, there’s continued participation even when excitement has cooled off. That combination, flat price and deep liquidity often appears before accumulation phases, where positions build slowly beneath the surface.
🚨 THE NEXT MACRO MOVE FOR $WLD – VALUE PHASE ACTIVATED$WLD isn’t overpriced – it’s underrecognized
— spermix (@0xSpermix) October 28, 2025
While most tokens are fighting for narratives, $WLD is quietly evolving into real infrastructure
Here’s why $WLD might be entering its real value phase 🧵👇 pic.twitter.com/OXjyNyGsbo
Growing Distribution Shows Organic Demand
Another detail often missed is the steady growth in holders. WLD now has more than 1.35M holders, and that number continues to rise. Even with the price under pressure, more wallets are joining while long-term holders remain stable. This behavior usually points to healthy organic growth rather than short-term speculation.
It suggests that interest in Worldcoin isn’t limited to trading. There’s a base of users and believers who see the token as part of a larger ecosystem, not just a price chart.
Building Infrastructure Over Hype
Worldcoin’s ecosystem, especially through its World ID system, keeps expanding. More applications are integrating it, verified user numbers are increasing, and on-chain activity continues to pick up. This type of development shifts the focus from price swings to real-world utility.
When a project begins to create practical use cases identity verification, online trust, or privacy authentication it moves closer to becoming infrastructure rather than just another token. This transition can take time, yet it often defines which projects endure through multiple cycles.
The Value Phase Perspective
Spermix describes this stage as a potential “value phase,” where the market starts to recognize what’s been built rather than how high the price used to be. Every market cycle has a few tokens that go from misunderstood to essential, and Worldcoin may be heading down that path.
The WLD token appears to be evolving from a speculative asset into one supported by growing adoption and tangible utility. It’s a slow process, but those are often the foundations that last.
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Worldcoin is creating the steady formation of a stronger base with more users, stable liquidity, and real-world applications. While the WLD price still faces challenges, the underlying structure looks more active than it appears on the surface.
This phase may not grab headlines, yet it’s often these quiet stretches that shape the next major move. Whether or not this becomes Worldcoin’s “true value phase,” it’s certainly a moment worth paying attention to.
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