Worldcoin Increases Token Supply by 19% - WLD Price Reverses Course
Worldcoin has decided to increase its WLD token supply by 19% over the next 6 months through a series of transactions with organizations outside the US.
Worldcoin Increases Token Supply by 19% - WLD Price Reverses Course. Image: CryptoSlate
On the morning of April 24, Worldcoin announced it would expand the circulating supply of WLD by 19% over the next 6 months, facilitated through deals with entities outside US jurisdiction.
The sale of WLD tokens by the project
World Assets, a subsidiary of the Worldcoin Foundation, will weekly auction between 0.5 to 1.5 million WLD tokens, totaling approximately $8.2 million USD. This move is expected to increase the circulating supply of WLD by an additional 25 million tokens in the near future.
The project identified through retina scanning noted that negotiations with individual trading companies, especially competitors, will aim to secure agreements as closely aligned with prevailing market prices as possible to minimize negative impacts on the token.
With the current price at $5.5 USD, Worldcoin's market capitalization stands at approximately $1 billion USD, with a Fully Diluted Valuation (FDV) reaching $55.7 billion USD. This places it among the highest-valued projects in the market alongside established names like SOL, ARB, BNB, and ADA.
Worldcoin, spearheaded by Sam Altman, CEO of OpenAI – the technology firm behind the globally acclaimed ChatGPT chatbot – has gained attention for its concept of identifying users through retina scans in exchange for a $140 USD token airdrop.
Despite being investigated by authorities in multiple countries, including temporary suspensions in jurisdictions such as the United Kingdom, Spain, India, Hong Kong, Kenya, Worldcoin continues to demonstrate its appeal. During its trial phase, the project attracted over 2 million users, paving the way for a successful $115 million USD fundraising campaign and the launch of the World App wallet in May 2023.
Since its listing on several exchanges, WLD has seen relentless price growth, achieving an all-time high (ATH) of $11,972 USD on March 4th before correcting to around $5.5 USD following the news of the token sale.
WLD/USDT 1D chart on Binance as of 12:00 AM on April 24, 2024
