Worldcoin’s billion-dollar high means this for WLD’s price prediction

  • WLD has the highest number of holders on the Optimism network.
  • WLD has registered a decline in demand last month.

WLD, the token that powers Worldcoin, the crypto project that OpenAI CEO Sam Altman co-founded, has emerged as the crypto asset with the highest number of holders and weekly transaction volume on leading Layer 2 (L2) network Optimism. 

In a post on X (formerly Twitter), on-chain data provider IntoTheBlock noted that the 78th largest crypto asset by market capitalization leads with over 2 million holders and records an average weekly transaction volume that exceeds $1 billion. 

Source: IntoTheBlock

This comes amid a series of regulatory challenges that have plagued the project since it launched in July 2023.

As reported by Reuters, the latest is a demand by the Portuguese data regulator, the National Commission for the Protection of Data (CNPD), that the project stop collecting biometric data for 90 days.

WLD in the last month

Despite WLD’s 133% price hike year-to-date (YTD), its weighted sentiment remains significantly bearish, according to Santiment’s data. 

Worldcoin Weighted SentimentWorldcoin Weighted Sentiment

Source: Santiment

This suggested that the regulatory roadblocks faced by Worldcoin have impeded confidence in its native token, and the price uptick has been due to the general market growth experienced since the beginning of the year. 

Since the beginning of March, the token’s network activity, assessed on a seven-day moving average, has declined. Between the 5th of March and the 28th, the count of daily active addresses involved in WLD transactions cratered by 32%.

Likewise, new demand for the altcoin experienced a corresponding fall. During the same window period, the number of new addresses created to trade WLD decreased by 48%.

Worldcoin Network ActivityWorldcoin Network Activity

Source: Santiment

The decline in WLD’s network activity has occurred despite the 9% uptick in the token’s price in the past month. At press time, it exchanged hands at $8.50, according to CoinMarketCap.

See also  Analyst Predicts Push To All-Time Highs for AI-Related Altcoin, Updates Outlook on Ethereum

Read Worldcoin’s [WLD] Price Prediction 2023-2024

A look at the token’s whale activity showed that the price surge may have been due to the actions of large investors.

According to Santiment’s data, the count of WLD investors holding between 10,000 and 1,000,000 tokens has increased by 25% since 16th March. This cohort of WLD investors holds 6% (9,781,990 WLD) of the token’s circulating supply of 163,033,182.

Worldcoin Supply DistributionWorldcoin Supply Distribution

Source: Santiment



Next: SHIB’s 10% surge: Can Shiba Inu flip AVAX to enter top 10 again?

Source link