The price of Worldcoin (WLD) has risen by 55% as Bitcoin has experienced a bullish run, but ZachXBT has issued a caution regarding the current situation.
Recently, Worldcoin (WLD), a Web3 initiative incubated by OpenAI CEO Sam Altman and dedicated to developing a financial network and a leading human identity, has made significant progress.
In the early New York session on Wednesday, the Worldcoin price has risen by over 55 percent in the past week, trading at approximately $3.01, amid the ongoing crypto bullish recovery led by Bitcoin (BTC).
The Worldcoin initiative has garnered significant attention from speculative investors worldwide attempting to profit from the current crypto bull run. Additionally, the Worldcoin team has been providing incentive coins to new users in exchange for their registration with the network. The Worldcoin ID verification is used by over 6 million unique individuals from more than 160 countries, as stated on the official Worldcoin website.
A Comprehensive Examination of Worldcoin Tokenomics
The Worldcoin initiative has faced substantial criticism due to the vast disparity between its circulating supply and the total supply of WLD. Out of the 10 billion maximum WLD coins, only 276.9 million have been distributed to the community, leaving a substantial portion with the team.
Worldcoin’s market capitalization is approximately $831 million, and its fully diluted valuation is roughly $30 billion. The figures are intended to provide context. ZachXBT, an on-chain investigator, has warned investors about the potential for a market dump by insiders, as the liquidity against Wrapped Ether (WETH) is only approximately $3.65 million.
Market makers have been progressively increasing the supply in the market to prevent the WLD price from spiking beyond $10, according to Worldcoin CEO Alex Blania. Despite Blania’s assertion that the team does not have control over the fundamental price during the Token2049 event in Dubai, the study demonstrates the opposite.
“The team’s tokenomics design is the sole reason for the 11-figure valuation, and the token’s daily price fluctuations have been significantly impacted by the team’s proactive modifications to emissions, market maker contracts, and well-timed announcements before unlocks.” A prominent trader on Bybit observed that it raises the question of why they would not want the public to believe this is the case.
As the Worldcoin project prepares to release insider WLD coins in less than a week, ZachXBT has criticized the team for manipulating the price to exploit uninformed investors.
WLD Price Action
The underlying value has been strengthened due to the ongoing bulk registration of Worldcoin in various jurisdictions worldwide. The Worldcoin initiative has expanded in multiple nations, with Ecuador and Kenya serving as frontrunners, as Coinspeaker previously reported.
WLD’s price must consistently conclude above $4.8 from a technical perspective to guarantee a bullish momentum in the upcoming weeks.
