- •Worldcoin wallet transferred 20.66 million WLD tokens worth $27.07 million to Kraken.
- •Worldcoin treasury Eightco Holdings (ORBS) unveils its ‘Power of 8’ initiative.
- •WLD price pared earlier gains after Worldcoin team continued profit booking.
Worldcoin team transferred over 20 million WLD tokens to crypto exchange Kraken on Monday. It marks the second consecutive week of outflow from the Worldcoin wallet address, increasing selling pressure on the token as futures dipped immediately.
This move has fueled concerns among traders over its potential impact on Worldcoin price. So, here we explore the recent developments and see how they may impact the broader market sentiment.
Worldcoin Team Dumping WLD Tokens Worth Millions
Worldcoin wallet has moved 20.66 million WLD tokens worth $27.07 million, on-chain expert Ember reported on September 29.
The tokens were transferred to the Kraken crypto exchange, sparking speculation of further selling in the community.
On Thursday, the team moved 110 million WLD tokens worth $144 million from the Ethereum mainnet.
Among these, 85 million WLD were bridged to World Chain, and 25 million WLD valued at $32.75 million were transferred to Kraken.
According to Arkham data, the wallet still holds 300.652 million WLD tokens worth more than $393 million.
The token balance history suggested a consistent drop in holdings since October last year. Besides, it has fueled concerns that if the selling pressure continues, it might trigger a drop in Worldcoin price.
Eightco Holdings Targets 800 Million WLD Treasury
Nasdaq-listed Eightco Holdings (ORBS) on Monday announced its ‘Power of 8’ initiative, planning to acquire 800 million Worldcoin (WLD) tokens and targeting 8 billion verified humans.
Since launching its WLD treasury strategy, World has added over 1.9 million digital identities with its verification Orb technology.
This brings the total to 16.9 million, with a goal of 100 million in the next 12 months.
As The Coin Republic reported earlier, Eightco Holdings raised $270 million via private placement to establish its Worldcoin treasury.
Institutional investors included World Foundation, Discovery Capital Management, GAMA, FalconX, Kraken, Pantera, GSR, Coinfund, Occam Crest, Diametric, Brevan Howard, Wedbush, among others.
Worldcoin Price and ORBS Stock Slip
Worldcoin price pared earlier gains after the team continued profit booking, with the price up over 4% at $1.30 at the time of writing. The intraday low and high were $1.24 and $1.34, respectively.
Trading volume has increased by 38% in the last 24 hours, indicating a rise in interest among traders.
As predicted earlier, Worldcoin price faced resistance at $2.03 and continued to drop amid massive profit booking. Technical analysis points to $2.46 and $3.10 as the key levels.
The derivatives market showed selling in the last few hours, as per CoinGlass data. At the time of writing, the total WLD futures open interest dropped more than 2% to $451.49 million in the last 4 hours.
The 24‑hour WLD futures OI was up more than 1.90%. Notably, 24‑hour WLD futures OI on Binance and OKX jumped by more than 4% and 10%, respectively.
ORBS stock tumbled 10% last week, closing at 5.28% lower at $11.49 on Friday. As per Google Finance, the stock has rallied over 660% in a month, leading to profit booking.