Worldcoin Team Deposits $3.1M in WLD to Coinbase
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 6 days ago
- Significant Deposit: The Worldcoin team deposited 13.18 million WLD tokens, valued at approximately $3.09 million, to Coinbase, a large transfer often interpreted as preparation for selling, which could exert downward pressure on the token's price.
- Market Reaction Expectations: The large deposit increases the available supply for trading, leading to a bearish sentiment in the market; if the Worldcoin team decides to sell these tokens, it could exacerbate selling pressure, particularly in a market sensitive to token unlocks and distribution events.
- Importance of Transparency and Monitoring: This on-chain movement serves as a reminder for WLD holders and potential investors to monitor whale activity and team wallets, as transparency in token movements is crucial in cryptocurrency markets, with tools like Onchain Lens providing valuable data for informed decision-making.
- Project Background and Challenges: Worldcoin, a digital identity project, faces regulatory challenges in several countries, and its token price has been volatile since launch, influenced by market sentiment and project developments, with the team yet to publicly comment on this deposit transaction.
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Technical Analysis for WLD
Technical Sentiment Analysis for Worldcoin (WLD). As of , Worldcoin (WLD) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 12 technical signals, shows that 7 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for WLD stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, WLD is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Worldcoin (WLD) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.103 | 0.165 | 0.216 | 0.278 | 0.329 | 0.391 | 0.442 |
| Fibonacci | 0.165 | 0.208 | 0.235 | 0.278 | 0.321 | 0.348 | 0.391 |
About WLD
The mission of the Worldcoin project is to build the world’s largest identity and financial network as a public utility, giving ownership to everyone.The Worldcoin system revolves around World ID, a privacy-preserving global identity network. World ID enables users to verify their humanness online ('Proof of Personhood') while maintaining their privacy through zero-knowledge proofs.To engage with the Worldcoin protocol, individuals must first download World App, the first wallet app that supports the creation of a World ID. Individuals visit a physical imaging device called the Orb to get their World ID Orb-verified. Most Orbs are operated by a network of independent local businesses called Orb Operators. The Orb uses multispectral sensors to verify humanness and uniqueness, with all images being promptly deleted on-device per default (absent explicit consent to Data Custody).All Orb-verified World IDs holders are entitled to claim recurring grants of free WLD tokens (WLD tokens are not available in the US; see the Worldcoin Tokenomics section of the project's whitepaper for details). This has the potential to make WLD the most widely distributed digital currency.The WLD token is designed as a utility token with governance properties, empowering users by giving them a say over the future of the protocol. Beyond conventional 'one-token-one-vote' governance mechanisms, the introduction of World ID paves the way for 'one-person-one-vote' mechanisms. These two mechanisms can also be combined to enable new ways of governance. After launch, the Worldcoin Foundation will solicit proposals and work with the community on how World ID and the WLD token should interact in Worldcoin's governance model (see the project's whitepaper for details on governance and decentralization).The community of users will determine the token's utility, but a few other use cases in addition to governance could emerge. For example, users may decide to use the WLD token to pay for certain actions in World App or another wallet app, to make other payments, or to signal their approval for certain initiatives or causes.WLD is an ERC-20 token on Ethereum. Individuals will receive their user grants on Optimism Mainnet. Therefore, most WLD transactions will likely take place on the Optimism network.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
