Worldcoin (WLD) Price Drops Below $1.20, On-Chain Analysis Investigates Factors Behind Sharp Decline - COINTURK NEWS
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Worldcoin (WLD) Price Drops Below $1.20, On-Chain Analysis Investigates Factors Behind Sharp Decline

8:45 pm (24 days ago)
September 1, 2023

Since its listing on the Binance exchange, we have been warning about the possibility of significant price losses for Worldcoin (WLD). Crypto investors showed great interest in the WLD Token project due to the involvement of the OpenAI CEO as a founder. However, regulatory risks were a clear indication that demand would weaken in the long run, and that’s exactly what happened.

Worldcoin (WLD) Review

The Worldcoin (WLD) price dropped below $1.20, causing a 90% loss for investors. On-chain analysis is investigating the critical factors behind this sharp decline and the possibility of a price recovery. The price of Worldcoin (WLD) has declined by 66% from its all-time high of $2.50, which was recorded at the beginning of August. However, this figure can be considered as an ATH only if the launch day price is not taken into account. ATH prices seen on launch days are generally unrealistic, and most investors do not have the opportunity to sell at the paper peak.

The project has attracted media attention globally, but it has several problematic aspects. Collecting biometric data, even if the team claims to delete this data, is not something that governments would appreciate. In fact, no one should appreciate it because after creating a unique ID, the team may not actually delete this data. When crypto came to eliminate trust, why should we trust Worldcoin?

As expected, many countries have launched investigations into the project. This means that the team can only survive in regions like Africa and the Middle East, where it can scan retinas with difficulty. In conclusion, the token of this project, WLD Coin, does not have significant potential in the long run.

WLD Coin Review

Despite the negativity in the general market sentiment, the selling pressure brought by regulatory crackdowns, and all other negatives, whales have not given up on WLD Coin. The Santiment chart below shows that crypto whales holding between 1 million and 100 million WLD added 5 million tokens to their balances last week.

WLD is currently trading around $1.20, and the newly acquired tokens have a value slightly above $6 million. This indicates that whales still do not want to abandon the project. The current situation suggests that if general demand growth cannot be triggered, the price could drop to $0.66 after $1.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making transactions.

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