- Whales now own almost 70% of the total WLD supply.
- Active addresses have decreased, but WLD seems closer to the bottom than the top.
In the last 30 days the price of Worldcoin [WLD] is up 48.28% according to CoinMarketCap. However, AMBCrypto’s findings show that the price increase would have been impossible without the role whales played.
Using Santiment’s balance of addresses metrics, AMBCrypto found that wallets holding 100,000 to 1 million coins have increased their WLD holdings. It was also the same situation with the 10,000 to 100,000 cohort.
At the time of writing, the group of 100,000 to 1 million people accounts for 68.52% of the total WLD offering.
Source: Santiment
WLD needs more than big players
Such dominance implies that group actions have a significant impact on price action. Thus, these data showed that the increase in accumulation had a notable impact on the way WLD moved within the period.
At the time of writing, WLD’s price was $3.70. Considering the four-hour analysis of the token, the Exponential Moving Average (EMA) showed that the cryptocurrency could potentially continue trading around the same range for a while.
This was because the 20 EMA (blue) and 50 EMA (yellow) were approaching each other.
A position like this suggests a sideways move. Depending on who makes the first move, Worldcoin could plunge or then rise. The Relative Strength Index (RSI) also confirmed the sentiment.
At the time of writing, the RSI was 54.12, indicating indecision on momentum. Should buying pressure increase, WLD could claw back $4.
But if that doesn’t happen, it could result in a decline below $3.58, where the 50 EMA point was.
However, the Awesome Oscillator (AO) signals revealed that WLD’s potential to rise was greater than its potential to fall. At the time of writing, the AO was 0.11, indicating increasing upside momentum.
The results show that all it takes to confirm a bullish thesis is an increase in buy orders.
Source: TradingView
Brewing opportunity challenges
From an external point of view, the Worldcoin project has not found it easy. On several occasions, many have questioned its privacy and user data goals.
However, AMBCrypto reported on its adoption in Singapore a few days ago. Interestingly enough, this seemed to have brought some peace to the Worldcoin camp.
Despite this positive development, WLD still had some problems. One of the notable comments is the reject in Active addresses. Active addresses show the daily level of speculation or public interaction with a project.
At the time of writing, the 24-hour active addresses on the Worldcoin network had dropped to 75,200.
This number was a significant decrease from the December 19 traction. A look at Social Dominance also showed that eyes were no longer on WLD as before.
Source: Santiment
Read Worldcoins [WLD] Price forecast 2023-2024
In the meantime, the drops in these metrics could be an opportunity for those on the sidelines to score WLD at a discount. One reason for this is social dominance, the rise of which could mean a market top.
But because it was below, it means that WLD was closer to its bottom than to an overheated condition.