Featured image from The Block, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Worldcoin (WLD) could be the victim of a significant downtrend in the coming weeks. The team plans to sell as many as 1.5 million WLD tokens over the next six months, which could bring about massive selling pressure and affect the token\u2019s price.\u00a0 Details About The Proposed WLD Token Sale Worldcoin revealed in a blog post that World Assets (a subsidiary of the Worldcoin Foundation) will sell between 500,000 and 1.5 million Worldcoin tokens weekly to a group of institutional trading firms outside the United States. This token sale will be done through private placements and is expected to last up to six months.\u00a0 Related Reading: XRP Wallets Holding At Least 1 Million Coins Nears All-Time High As Sentiment Improves Therefore, as many as 36 million WLD tokens could be sold under this arrangement. Interestingly, these tokens do not form part of the current circulating supply, as Worldcoin stated that \u201cthe circulating supply of WLD will thus increase correspondingly\u201d as the token sales progress. That means Worldcoin\u2019s circulating supply could see an 18.6% increase to over 229 million WLD tokens once the private sale is done.\u00a0 This development is undoubtedly a cause for concern for WLD holders, given the impact it could have on the crypto token\u2019s price action. However, Worldcoin tried to downplay the effect of this token sale, noting that a weekly sale of between 500,000 and 1.5 million WLD tokens represents \u201cless than 0.1% to 0.4% of the current weekly trading volume. Meanwhile, World Assets \u201cmay seek to include a 40-day lock-up period restricting the resale of WLD by trading firms,\u201d Worldcoin remarked. This could also help reduce the high volatility that could arise from an immediate sell-off by these trading firms.\u00a0 The Worldcoin Ecosystem WLD is the native token of Worldcoin, a project that focuses on the digital verification of humans. Users in the Worldcoin ecosystem get verified through a device called the \u201cOrb.\u201d Since launching last year, the project, co-founded by Open AI\u2019s CEO Sam Altman, has drawn criticism, with many, including Ethereum\u2019s co-founder Vitalik Buterin, raising privacy and legal concerns.\u00a0 Related Reading: Analyst Says XRP Price Will Reach $100, But This Needs To Happen First Authorities in different countries have investigated the project as they believe its data collection method may have breached certain privacy laws. NewsBTC also recently reported that Worldcoin faces a potential fine of $1.2 million in Argentina for violating the country\u2019s National Consumer Protection Law. Despite the regulatory scrutiny, the team is still looking to expand. In the blog post, they hinted that the proceeds from this token sale will be directed towards meeting the \u201cincreasing demand for orb-verified World IDs around the world.\u201d At the time of writing, Worldcoin is trading at around $5.4, down over 6% in the last 24 hours, according to data from CoinMarketCap.\u00a0 WLD price falls to bearish pressure | Source: WLDUSDT on Tradingview.com Featured image from The Block, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":604944,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92153],"tags":[88685,89202,88714,92155,89102,88730,83778,89200,90283,92154],"class_list":["post-604928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worldcoin","tag-wld","tag-wld-news","tag-wld-price","tag-wld-team","tag-wldusd","tag-wldusdt","tag-worldcoin","tag-worldcoin-news","tag-worldcoin-price","tag-worldcoin-team"],"acf":[],"yoast_head":"\n
Brace For Impact: Worldcoin Team Plans To Sell 1.5 Million WLD Tokens Every Week For 6 Months<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n