WorldCoin, a cryptocurrency-based digital identity project, recently announced expansion plans through WLD token sales. We plan to release 500,000 to 1.5 million tokens per week for up to 6 months.
This sale puts 36 million WLD tokens in circulation. As a result, this represents an 18.6% increase from the existing supply of 193 million tokens.
World Coin aims to issue WLD tokens worth $195 million
The 36 million newly issued tokens are worth approximately $195 million based on current market prices .
WorldCoin, which has achieved a significant milestone of having more than 5 million Orb-verified World ID users in 160 countries, says it is seeing growing demand for its services.
“World Assets Ltd., a subsidiary of World Coin, to meet the growing demand for Orb-verified World IDs globally and support the growth of the World Coin network. (a subsidiary of the WorldCoin Foundation) plans to sell WLD tokens on the World Asset Treasury in the coming months,” WorldCoin announced .
Read more: Where to Buy WorldCoin (WLD): 5 Best Platforms for 2024
The scheme is primarily aimed at non-US institutional trading firms and aims to comply with certain legal restrictions to prevent these tokens from re-entering US markets.
The planned sale includes several safeguards, such as a potential lock-up period of 40 days to prevent the tokens from being immediately resold, especially to Americans or on platforms accessible within the United States. World Asset strives to secure selling prices close to market prices by engaging multiple trading firms in a competitive process.
However, the market conditions for this sale are not easy. Since March 10 , the price of WorldCoin has plummeted by more than 54%.
The addition of millions of new tokens is likely to cause the price to fall further, especially as WLD is currently struggling to maintain its support level of $5.37. A drop below this threshold may result in further losses.
Conversely, there is optimism among some market participants. One cryptocurrency trader, Alpha, suggested on X (formerly Twitter) that a potential breakout could see WLD double its current value.
“Breaking through WLD is the next step! This breakout could target a doubling from here to 12,” Alpha said .
Nonetheless, the reality remains that the influx of new tokens may increase selling pressure, which could have a negative impact on the price.
Sam Altman, CEO of OpenAI , started this project together with Alex Blania and Max Novendstern, CEO of Worldcoin, in July 2023. World App users can verify their identity by scanning their retinas at a station known as “Orb.”
Read More: World Coin (WLD) Price Prediction 2024/2025/2030
In return for providing your biometric data, you will be rewarded with approximately 25 WLD tokens, worth approximately $135. This innovative exchange underpins the usefulness and attractiveness of the WorldCoin ecosystem.
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