Worldcoin

Date: Sat, Sept 21, 2024, 05:02 AM GMTWhile the cryptocurrency market is enjoying a bullish phase thanks to the recent 50 basis points rate cut by the Federal Reserve, which pushed Bitcoin to a high of $64,000, and helped <a href="https://coinsprobe.com/ai-tokens-near-fet-and-tao-experience-double-digit-gains-bullish-rally-ahead/" rel="noopener noreferrer nofollow">altcoins </a>like SUI, TAO, and FET make impressive jumps, Worldcoin (WLD) is bucking the trend. Over the past 30 days, WLD has dipped by 1.02%, struggling to gain traction despite the broader market rally.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/087fd914ca7548f283a600738f1e1da0.png" />Source: CoinmarketcapSo, what’s causing this bearish momentum for Worldcoin?According to on-chain analyst <a href="https://x.com/EmberCN/status/1837330029182861395" rel="noopener noreferrer nofollow">Ember</a>, the trouble stems from the ongoing <a href="https://token.unlocks.app/worldcoin-wld" rel="noopener noreferrer nofollow">linear unlocking</a> of investors’ tokens, which started at the end of July. Two major institutions—Three Arrows Capital (3AC) and Alameda Research—are selling their unlocked WLD holdings, contributing to downward pressure on the token’s price.3AC, which obtained 75 million WLD through its initial investment, has been selling the unlocked tokens since late July. So far, they’ve offloaded 2.538 million WLD, worth approximately $4.06 million. Similarly, Alameda Research, holding 25 million WLD, has been selling its portion once a week since early August. To date, they’ve sold 1.129 million WLD, valued at $1.8 million.These consistent sales, combined with the fact that both institutions have gone bankrupt, are causing a supply glut that Worldcoin can’t seem to shake off, despite the broader market&#39;s positive sentiment.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.Read More: <a href="https://coinsprobe.com/popcat-and-mog-shine-bright-among-42-cryptos-that-outperformed-bitcoin-in-2024/" rel="noopener noreferrer nofollow">POPCAT and MOG Shine Bright Among 42 Cryptos That Outperformed Bitcoin in 2024</a>

Worldcoin Faces Bearish Momentum Despite Altcoins Rally – Here’s Why

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