Worldcoin update: What’s going on with the WLD token?
Worldcoin subsidiary plans to sell up to 36 million WLD tokens over next six months
WLD supply could increase by as much as 19%.
Worldcoin price hovered around $5.48 on Wednesday, flat on the day after paring earlier gains.
The scenario that the supply of Worldcoin increases by up to the above number of coins stems from plans outlined in a blog post published on April 23.
“To meet the increasing demand for orb-verified World IDs around the world and support the growth of the Worldcoin network, World Assets Ltd. (a subsidiary of the Worldcoin Foundation) expects to sell WLD tokens from the World Assets treasury in the coming months,” Worldcoin Foundation said in the announcement.
In particular, World Assets is looking to sell between 500,000 to 1.5 million WLD tokens every week for six months. The tokens will account for about 0.1% to 0.4% of Worldcoin’s weekly trading volume.
According to the blog post, the tokens are from the World Assets treasury and will be sold via private sales to non-US institutional trading firms.
“These private placements of WLD will take place for up to 6 months and will include certain measures designed to prevent WLD sold outside the US from flowing back into the US,” Worldcoin Foundation team noted.
Worldcoin (WLD) token price
If World Assets sells the expected weekly total of up to 1.5 million WLD tokens (worth about $8.2 million) the total sales for the six months could reach 36 million tokens. The value of the new WLD supply hitting the market could be up to $197 million, given current WLD token price of $5.48.
Per CoinGecko data, Worldcoin’s 24-hour trading volume stands at $216 million while circulating supply is just over 194 million.
Worldcoin (WLD) price today is up about 9.7% in the past week and down by about 36% in the past 30 days.
Regulatory headwinds and slowdown in AI tokens is likely behind the decline this past month. However, WLD price is more than 456% up since its all-time low of $0.9731 reached in September last year.
The token launched in July 2023, co-founded by OpenAI CEO Sam Altman. In March, Worldcoin surged to its all-time high of $11.74, getting tailwinds from the broader AI narrative. Worldcoin’s plans for a new Ethereum layer-2 called World Chain also buoyed prices.
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