Worldcoin ($WLD), led by OpenAI’s Sam Altman, experienced a brief 7.4% dip last night, driven by ongoing sell-offs from the now-disgraced former hedge fund and FTX sister company, Alameda Research.
Over the past two months, Alameda’s court-appointed restructuring team has been systematically selling approximately a quarter of a million dollars worth of $WLD into Binance each week, as reported by analysis from @SpotOnChain.
Worldcoin Price Analysis – Where is WLD Headed?
WLD is back in the green now following last night’s sell-off. It currently trades for $1.80, a 5% advance in the last 24 hours.
The biometric protocol token is currently trading 85% short of its all-time high (ATH) of $11.74, posted on March 10 this year when the entire market was rallying in line with Bitcoin, which posted its own ATH of $73,737.94 four days later.
Over on $WLD’s price chart, the red line indicates plunging resistance since July, with Worldcoin only briefly keeping above $2.
Recent support over the period has remained consistent around $1.40, while the token currently trades at a one-year low.
Source: TradingViewA relative strength index (RSI) of 71 and rising means Worldcoin is overbought, so now would be a bad time to buy in as $WLD is likely to dip over the weekend.
OpenAI’s Worldcoin Token: Will $WLD Bank The Unbanked?
Worldcoin was a controversial launch last year due to its premise: anyone wanting some $WLD tokens has to visit a biometric eyeball scanner called the ”Orb” and submit a snapshot of their eyeballs.
Orbs are found in Berlin, Dubai, London, Mexico City, Miami, New York City, San Francisco, Seoul, and Tokyo.
The protocol then uses the data alongside verification of government-issued ID to confirm a user’s personhood before distributing coins to them.
OpenAI says Worldcoin is building blockchain infrastructure to bank the world’s unbanked, enabling everyone “to broadly share the coming technological prosperity” according to its website.
“Privacy first. Owned by everyone.” reads the slogan.
But many are skeptical, including Ethereum creator Vitalik Buterin who wrote a blog post listing his concerns of the protocol’s privacy, accessibility, centralization and security and said it could take years for it to work.
Lawmakers in Mexico, Malaysia and Argentina have aired similar concerns.
This year the project hit a new high in January when it welcomed 16,000 Orb signups in a single day after surpassing 5 million the preceding month.
While Worldcoin Dips, Crypto All-Stars Raises Over $2 Million
Given the many concerns over the privacy and security of Worldcoin, investors looking to support innovation in Web3 should prudently cast their nets wide to diversify their portfolios.
Over in the world of meme coins, some of Web3’s biggest builders are creating new projects to add value and utility to the much maligned sector.
One project—a unified staking protocol for meme coin fans—is Crypto All-Stars ($STARS), a revolutionary platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 680%.
The team will integrate more meme coins later.
The project has gained so much popularity that its presale has already raised over $2.18 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
The post Worldcoin Tanks 7.4% as Alameda Research Sends Tokens to Exchanges – Is a Massive Sell-Off Coming? appeared first on Cryptonews.
