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Cryptocurrency News Articles
Worldcoin (WLD) Attempts Recovery After Plunging 84% from Its Peak, But Alameda Research Activity Raises Concerns
Oct 10, 2024 at 03:00 pm
Worldcoin (WLD) has been facing a challenging environment in the cryptocurrency market, plunging more than 84% from its peak of approximately $11.74 reached in March 2024.
Worldcoin (WLD) has seen a massive downturn in the cryptocurrency market, with its price plummeting over 84% from a peak of around $11.74 in March 2024.
However, despite the downturn, WLD is showing a stark difference of over $17 billion between its market capitalization and fully diluted valuation.
After hitting a yearly low of around $1.34, WLD has seen an attempted recovery over the last three months, forming a potential inverted double bottom pattern.
The Relative Strength Index (RSI) on the daily chart is also showing signs of divergence, indicating possible upward momentum. Additionally, WLD has moved past a long-term downward trend and is retesting its 50-day moving average, which may signal further price increases.
But activity from Alameda Research, an arm of FTX, is raising eyebrows. The firm has been liquidating its WLD assets as part of a broader strategy to return up to $16 billion to customers and creditors in stablecoins.
Alameda Research has been depositing 143,770 $WLD (now $265K) to Binance weekly for the past 2 months!
Since August 9, they’ve deposited 1.56M $WLD ($2.51M) to #Binance in 10 batches at an average price of $1.605, leaving 23.44M $WLD ($43M) remaining. At this rate, it could take… https://t.co/k0qLuZiGr9 pic.twitter.com/jqgzCBylWO
— Spot On Chain (@spotonchain) October 9, 2024
According to Spot On Chain, Alameda has sold off 1.56 million WLD tokens in batches of roughly 143,000 each since August 9. The tokens were consistently deposited into Binance in 10 batches at an average price of $1.605.
This activity began two months ago, with the last batch of 143,770 tokens being credited to Binance on October 9. Alameda still has over 23.44 million WLD tokens, valued at over $43 million, which could be sold off at any moment.
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