Worldcoin, a crypto-based digital identity project, has announced its plans to expand by selling WLD tokens. The project intends to release between 0.5 million and 1.5 million tokens each week for up to six months, potentially introducing 36 million WLD tokens into circulation. This would represent an 18.6% increase in the existing supply of 193 million tokens.
The 36 million tokens are estimated to be worth around $195 million based on the current market price. Worldcoin has seen significant growth, with over 5 million orb-verified World ID users across 160 countries. This has led to growing demand for its services, prompting the sale of WLD tokens from the World Assets treasury in the coming months.
The sale is primarily aimed at institutional trading firms outside the US, with safeguards in place to prevent immediate resale of the tokens, especially to US persons or on platforms accessible within the US. However, the market context for this sale is challenging, as Worldcoin’s price has dropped by over 54% since March 10.
While some market participants are optimistic about a potential breakout that could double WLD’s current value, others are concerned that the influx of new tokens could increase selling pressure and further impact the price negatively. The project was launched in July 2023 by OpenAI CEO Sam Altman, Worldcoin CEO Alex Blania, and Max Novendstern, with users verifying their identities through retina scans at “Orbs” stations in exchange for WLD tokens.
The innovative exchange of biometric data for tokens underpins the utility and appeal of the Worldcoin ecosystem. The post Worldcoin Plans to Sell Up to $195 Million in WLD Tokens: Price Impact appeared first on BeInCrypto.
