Summary
After a long time of stepping aside from the big market and maintaining a low but consistent price, worldcoin has managed to return to the game. It finally broke through the $2 mark with 11% surge and a whooping 100% spike in volume over the last 24hrs. With this growing positive vibes and increased market activity, bulls now face the challenges maintaining this upward momentum, setting a stage for levelling up towards $3.
Most Worldcoin holders are in a loss position because when they bought the coin it was almost $8 but now even after the increase it has only managed to hit $2. Worldcoin reached its all-time high of $11.9 within a year of its launch, around the same time Bitcoin hit its peak at $73K. The surge in Worldcoin’s price was largely due to aggressive buying, with increased interest in the coin but, since the price has now fallen many holders are now holding it at a lower value.
Around 4280 wallets hold a total of 1.54 million Worldcoins. These coins were brought at a much higher price than what it has become today. These holders are more likely to retain their positions rather than selling it now at a loss but if the coin dives down to $1.93, it may trigger more selling from large holders, making the situation worse.
Worldcoin destined to fail?
Whenever Worldcoin gets close to an important price level, there’s usually a sudden increase in people depositing more coins the next day.
For example, in mid-July, when buyers tried to stop the price from dropping, worldcoin jumped 11% in one day. However, the next day, many people deposited their coins into exchanges, which created slowed down the price rise and prevented further gains.
In short, while the price of Worldcoin sometimes rises quickly, large deposits of coins into exchanges can act as a barrier, stopping the price from going up even more.
Involvement of big players
During August and September, a steady stream of worldcoin was being deposited into exchanges, totaling up to $2 million in value at its highest point. Despite this selling pressure worldcoin still managed to surge by 30% in the last week which suggests the involvement of big players buying enough coins to maintain the coins being sold, keeping the price from falling.
This sparks interest as to what the next stage may be for Worldcoin.
