On July 16th, Worldcoin ($WLD) announced a pivotal change to its unlocking schedule for investors and team members, extending it from three years to five years.
This adjustment means that starting July 24th, only 2 million $WLD will be unlocked daily, compared to the previous 3.3 million. This news sparked a 34% increase in $WLD’s price, surging from $2.15 to $2.87.
Worldcoin soared 40% yesterday to $3.09 and an $850M mc 📈
After the team shared that it will extend the unlock period for 80% of the team tokens by 3-5 years.
The WLD fdv is now over $30B after this pump. pic.twitter.com/qCtZIcsdh5
— TylerD 🧙♂️ (@Tyler_Did_It) July 17, 2024
iCrypto reported a notable return of smart traders to the $WLD market since June 29th. The highest buying volume was recorded from wallet 0x205ddf, which purchased $98.86K worth of $WLD at an average price of $2.45, now holding $14.09K in unrealized profits.
$WLD – Smart DEX Traders Bought on the News ✔️
On July 16th, @worldcoin announced that the Unlocking Schedule for Investors and team members will be extended from 3 years to 5 years. This means that from July 24th, 2M $WLD will be unlocked every day instead of the previous 3.3M… pic.twitter.com/46oBYkkImD
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 17, 2024
$WLD Price Pump, Announcement And Criticisms
Following this price pump, $WLD’s fully diluted valuation (FDV) has soared to over $30 billion, indicating a significant boost in market confidence. However, the circulating supply remains only 2.7% of the total supply, a rarity in the crypto world for a project of this scale.
The announcement, while beneficial for the price, has not been without criticism. ZachXBT, a notable figure in the crypto community, accused the Worldcoin team of using the “technology” label to manipulate the community. At launch, only 1.4% of the total supply was available for trading at around $2.5, which led to widespread criticism over the project’s perceived overvaluation.
ZachXBT đã var luôn cả team #Worldcoin #Foundation, phê phán rằng team $WLD cố tình lợi dụng mác "công nghệ" để "đổ bô" lên đầu cộng đồng – những người thiếu hiểu biết.
– Lượng cung lưu hành hiện tại chỉ 2,7% tổng cung, rõ ràng là điều chưa từng thấy… pic.twitter.com/fATT2ie7rN
— Emily Vuong (@emilyyvuong) July 17, 2024
In defense, the Worldcoin team argued that unlocking a larger percentage now would be unfair to the community. Despite the current market cap nearing $900 million, with a significant portion held on Bithumb, the rapid unlocking schedule and high FDV continue to be contentious issues.
While $WLD has the potential for substantial returns, the fast unlocking rate and high FDV present challenges. Investors should carefully consider these factors, even as they explore opportunities for high ROI in the upcoming bull run.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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