Convergence

Bitcoin

Worldcoin

<p>The crypto universe is ruthless, and in recent weeks, Worldcoin (WLD) has painfully demonstrated this. Despite being backed by the CEO of OpenAI, Sam Altman, the project saw its value plummet, leaving 84% of its holders at a loss. Investors, who might have believed in a rise similar to other successful cryptos, are now faced with a much darker reality. What happened for this promising project to turn into a financial nightmare? Let’s look back at recent events.</p>
<h2 id="h-une-chute-incontrolee-malgre-le-soutien-d-openai">An uncontrolled fall despite the support of OpenAI</h2>
<p>On October 3rd, as the crypto market oscillated, Worldcoin followed a worrying trajectory. Its price dropped by 9% in just 24 hours, reaching $1.56, and this decline is not an isolated phenomenon. In just seven days, <a href="https://www.cointribune.com/tag/world-coin/" target="_blank" rel="noopener noreferrer nofollow">the WLD</a> lost 25% of its value, plunging its holders into a spiral of losses. How can such a setback be explained?</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>The recent fundraising by OpenAI, totaling $6.6 billion, could have been perceived as an opportunity for WLD to stabilize or even rebound. However, this event did not have the expected effect. For some, it is considered <a href="http://Crypto%20:%20Worldcoin%20massacre%20ses%20investisseurs,%2084%20%%20en%20pertes%20!" target="_blank" rel="noopener noreferrer nofollow">a strategic error.</a></p>
<p>Contrary to expectations, markets did not react favorably. Worse still, Worldcoin continued to fall. This fundraising, although impressive, failed to convince investors of the long-term solidity of the AI-linked crypto.</p>
<p>Another key factor lies in the speculative nature of the crypto market. The Worldcoin project, although linked to AI, heavily depends on global market movements and signals emitted by Bitcoin and other altcoins.</p>
<p>Unfortunately, WLD failed to defend its critical supports, notably the threshold of $1.59, marking the beginning of its plunge. This loss of confidence translated into a strong downward movement, fueled by fear and cascading sell-offs.</p>
<h2 id="h-des-indicateurs-au-rouge-un-avenir-incertain-pour-worldcoin">Indicators in the red: an uncertain future for Worldcoin</h2>
<p>The technical indicators are hardly more optimistic. The WLD crypto has now fallen below its 50-day moving average, confirming that the short-term trend is decidedly bearish.</p>
<p>The MACD (Moving Average Convergence Divergence) reinforces this hypothesis by indicating increasing selling pressure, with red bars accentuating the prospect of continuous decline.</p>
<p>If buyers do not quickly intervene to support the price, the next critical support level could be the $1.15 Fibonacci level.</p>
<p>The gap between wallets at a loss and those at profit has also sharply widened. In just one week, the percentage of wallet addresses in profit dropped from 23% to a meager 6%.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>
<p>This means that 84% of current Worldcoin holders find themselves at a loss, a colossal figure that is pushing many to consider selling to minimize their losses. A situation that, if continues, could exert additional pressure on prices, thereby increasing the risk of further declines.</p>
<p>Derivative data is hardly more encouraging. According to <a href="https://www.coinglass.com/currencies/WLD" target="_blank" rel="noopener noreferrer nofollow">Coinglass,</a> the open interest for Worldcoin has fallen by 9% in just 24 hours, indicating that traders are closing their positions.</p>
<p>This trend suggests an increased loss of confidence in the short-term evolution of the crypto. Moreover, liquidations reached $2.47 million, of which $2.15 million came from long positions, highlighting investors’ inability to support prices.</p>
<h2 id="h-un-coup-dur-pour-la-crypto-liee-a-l-ia">A heavy blow for AI-linked crypto</h2>
<p>It is not only Worldcoin suffering. The overall market for AI-related cryptos is losing momentum, with capitalization down by 6%, dropping to $26 billion.</p>
<p>Projects associated with AI, once considered the future of crypto, are today facing headwinds. The hype around these projects seems to be waning, leading to severe corrections and losses for those who bet big.</p>
<p>So, what can be expected for Worldcoin in the coming months? As long as the overall market shows no signs of recovery, and critical support levels continue to give way, it is difficult to envisage a strong comeback for WLD. Nevertheless, as with any crypto, trend reversals can be swift and unexpected. For some, <a target="_blank" rel="noreferrer noopener">the fall of USDT heralds the imminent arrival of altcoin season.</a></p>

Crypto: Worldcoin Massacres Its Investors, 84% In Losses!

Table of Contents

Cointribune EN

Other articles published on Oct 5, 2024

New Solana Memecoin Dumb Kamala (DUMBKAMA) to Skyrocket 16,000% Before Exchange Listings

Coinpedia Fintech News

Syria submits formal request to join BRICS

Top Crypto Proponent Compares XRP Now to When Bitcoin Was $111

Cybro Gains Traction Even Amid Market Decline, While Solana and Ethereum See Another Losses

Is CYBRO the Next Solana? How This New Token Is Gaining Ground With a $3M Presale

Join our free newsletter for daily crypto updates!