Worldcoin (WLD) Price Drops Amidst Regulatory Challenges in Europe
- DDDOriginal
- 2024-10-11 12:28:23530browse
Worldcoin is trading at $1.82, with a 35% volume decrease and a drop of 6.4% in the last 24 hours. Technical analysis shows a bearish rising wedge pattern emerging.
Worldcoin (WLD) price continues to decline amid concerns over Alameda Research’s continuous selloffs and bearish technical indicators.
According to data from Footprint Analytics, WLD price shows a 6.4% decrease over the last 24 hours, currently trading at $1.82, with a 35% drop in derivatives trading volume. Technical analysis reveals a bearish rising wedge pattern emerging.
▲WLD price drops amid regulatory challenges
According to Footprint Analytics, Alameda Research’s selloff of WLD tokens has sparked concerns among the crypto community.
As highlighted by AMCryptoAlex, Alameda has been depositing large sums of WLD tokens into Binance, with the latest batch amounting to 143,770 tokens.
This raises questions about whether Alameda is planning to fully liquidate its WLD holdings, which could significantly impact the token’s market performance.
The data further reveals that Alameda Research currently holds a substantial amount of WLD tokens, with a total of 23.439 million tokens, valued at $43.128 million.
Moreover, recent transactions show constant deposits of around $264.5K in WLD tokens into Binance weekly.
As Alameda owns a good chunk of the token, their constant selloffs continue to fuel fears of key price drops as they systematically market their holdings.
▲Worldcoin price declines, raising investor concerns
Footprint Analytics data shows that WLD has taken a noticeable hit since October 7.
At the time, the token was trading around the $2.00 price point. However, as of writing, it has fallen to $1.82, marking a decrease of over 9% in the last few days.
While this aligns with the broader market downturn, WLD has notably suffered from selling pressure despite a neutral OI-weighted funding rate.
The chart indicates that the funding rate was mostly neutral around October 7.
There wasn’t a large shift in favor of longs or shorts, with the sentiment remaining close to 0%, indicating a balanced sentiment.
However, despite this neutral stance, spot selling or simply less demand has been responsible for more price movement instead of massive shorting in the derivatives market.
A 35% drop in derivatives trading volume. Current indicators point to waning investor interest, suggesting that Worldcoin is riding a bearish wave.
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