Worldcoin remains unfazed by whale selloff, rises 17% in 24 hours

Worldcoin experienced a strong whale sell-off yesterday, September 25, but the asset still maintained its bullish momentum.

Worldcoin (WLD) is up 17.3% in the last 24 hours and is trading at $2.12 at press time. The asset’s market cap has once again surpassed the $1 billion mark, making it the 69th largest digital currency.

WLD’s daily trading volume also increased by 85 percent, reaching $430 million.

According to data provided by IntoTheBlock, major Worldcoin holders recorded an outflow of 6.23 million WLD (worth $13.15 million) on September 25. The indicator shows that the number of whales selling the asset is much higher than those accumulating it.

WLD price and net flows of major holders – September 26 | Source: IntoTheBlock

Whale sell-offs typically signal times of panic or profit-taking, both of which lead to price declines. At this point, WLD has seen a 32% price increase over the past week and has not been affected by the massive whale sell-off.

Worldcoin’s 40% drop below $1.4 has left more than 92% of its holders incurring losses, crypto.news reported on August 21.

According to data from ITB, the proportion of WLD owners who suffered losses fell to 68% at the reporting date.

One of the factors that caused the price of WLD to rise was the company’s recent announcement. Worldcoin announced that it has launched World ID in three more countries: Guatemala, Malaysia, and Poland.

It should be noted that price increases following major announcements are short-lived. If whale selling continues, a price correction can be expected for the WLD price.