Worldcoin, co-founded by OpenAI's CEO Sam Altman, experienced a price drop of over 6% on October 10, 2024, following continued sales by Alameda Research. Analysts suggest the token's price may remain stagnant before potentially recovering.
On-chain analysis from SpotOnChain indicates that since early August, Alameda Research has transferred 1.56 million WLD tokens to exchanges, with around 143,770 tokens worth approximately $2.51 million sold weekly. This activity coincides with a recent approval of FTX's repayment plan, allowing the exchange to pay customers between $14.7 billion and $16.5 billion in recovered assets.
Alameda's wallet currently holds 23.44 million WLD tokens valued at around $43 million, which could take over three years to fully liquidate at the current selling rate. Additionally, the wallet contains $98.8 million in other cryptocurrencies, including significant holdings in Stargate Finance and BitDAO, with the latter expected to face selling pressure as a three-year no-sale commitment ends in November.
Following the sell-off, WLD's price fell from $1.98 to $1.77, marking a 4.5% decline over two weeks. Previously, the token surged 31% in late September after announcing expansions into Guatemala, Poland, and Malaysia, but has since struggled to maintain a price above $2.
As of now, WLD trades at $1.8, reflecting an 8.7% increase over the week and a 27.4% increase over the month.