WLD Price Drops as Bankrupt 3AC and Alameda Liquidate Their Worldcoin Holdings
coinedition.com 21 September 2024 18:36, UTC The ongoing Worldcoin (WLD) token sell-off by bankrupt institutions Three Arrows Capital (3AC) and Alameda Research is worrying investors. These institutions have been steadily selling their unlocked tokens since July, leading to downward pressure on WLD’s price.
Three Arrows Capital, a now-bankrupt hedge fund, holds 75 million WLD tokens and has been unloading its holdings since the end of July. To date, the liquidator, Teneo, has sold a total of 2.538 million WLD, worth $4.06 million.
Transaction data from Etherscan shows ongoing transfers from 3AC’s liquidation wallets, with around 72.46 million WLD still held, valued at roughly $115.2 million. These tokens are being sold gradually, and at the current rate, it could take up to three years for 3AC’s holdings to be fully liquidated.
Alameda Research also holds a sizable amount of WLD. Through its investment in Worldcoin, Alameda acquired 25 million WLD and has been selling its unlocked tokens weekly since early August.
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Up to now, the firm has sold 1.129 million WLD, worth $1.8 million. Alameda still holds about 24.3 million WLD, valued at $36.69 million, which will likely be sold in batches over time based on its prior liquidation patterns.
WLD Market Performance
The ongoing liquidations by 3AC and Alameda Research has made Worldcoin’s market performance become more volatile. Over the past 24 hours, the token dropped 3.03%, with its price settling at $1.61.
Worldcoin is now ranked #84 on CoinMarketCap, with a current market capitalization of $730.8 million and a circulating supply of 456.84 million WLD coins. The price chart over this period shows ups and downs, including sharp dips and minor recoveries, which is typical for the crypto market.
Source: CoinMarketCap
Even with minor recoveries during the day, Worldcoin’s price has stayed under pressure, mainly because of the consistent sell-offs from both 3AC and Alameda Research. The early hours of September 21 saw the price dip below $1.575 before a partial recovery.
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