The price of Worldcoin (WLD) has declined 7% over the past 24 hours amidst sizable whale withdrawals totaling over $6 million worth of WLD. This selloff comes even as whales and institutions continue accumulating the cryptocurrency.
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Whale Withdrawals Hit WLD Price
According to on-chain analysis firm @lookonchain, a large wallet withdrew 4.12 million WLD (worth around $6 million) from exchanges OKX and Binance over the past three hours. Additionally, a wallet linked to Amber Group withdrew 500,000 WLD (around $730,000) from OKX for the first time in nearly three months.
These large withdrawals appear to have placed significant selling pressure on WLD, resulting in the 7% single-day price decline.
Accumulation Ongoing Among Whales
However, @lookonchain points out that even amidst the recent whale selling, large players continue building up WLD positions.
For example, quant trading firm GSR has accumulated over 7.4 million WLD (approximately $10.8 million) since August 29. This suggests that major crypto institutions remain confident in WLD’s long-term potential despite the recent selloff.
The Worldcoin project, which launched its identity-focused WLD token in 2021, aims to build the world’s largest decentralized identity and financial network. While short-term price volatility remains, the ongoing accumulation among whales and institutions signals continued faith in the ambitious long-term vision.
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