Worldcoin (WLD) Price Declines and Retail Adoption Falls Flat
The price of Worldcoin (WLD) has dropped below $1.20, causing 90% of WLD holders to experience losses. This decline has raised concerns about the chances of a price rebound. The project has gained media attention, but retail demand for the WLD token has been disappointing. On-chain data reveals a significant decline in network activity, with a 94% decrease in active wallet addresses. This suggests that retail adoption has faltered due to concerns about data privacy and a lack of clear incentives and utility for users. The decline in new wallet addresses further indicates a challenging future for WLD in terms of finding new demand.
Whales Make Desperate Efforts to Cover Their Positions
In contrast to retail investors, large institutional investors have continued to increase their long positions in Worldcoin. Crypto whales holding 1 million to 100 million WLD have added 5.04 million tokens to their balances in the past week. While the lack of retail adoption currently favors bears, the bullish disposition of whales offers hope for a potential rebound. However, unless Worldcoin can attract retail demand, the price downtrend is likely to persist.
WLD Price Prediction: Bears Could Force a Move Below $1
Furthermore, 90.64% of all Worldcoin holders are now in a loss position, signaling a dominant bearish momentum in the ecosystem. The Global In/Out of Money Around Price (GIOM) data confirms the prediction that the WLD price could drop below $1. On the other hand, if the bullish whales can drive an upswing, the price may surpass $2. The outcome will depend on whether retail network activity continues to decline or if whales sell their positions.
Hot Take
The decline in Worldcoin’s price and retail adoption, along with the majority of holders being in a loss position, suggests a challenging future for the cryptocurrency. Without a significant increase in retail demand, the price is likely to continue its downtrend. However, if institutional investors and whales can drive adoption and push for a rebound, there may be hope for Worldcoin’s recovery.
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