WLD’s Market Cap Doubles Without Price Surge: A Crypto Paradox

Worldcoin’s (WLD) price surge has helped the AI sector lead market performance in September. However, beneath this rally lies an overlooked fact. WLD’s market capitalization has reached a new all-time high, while its price has not.

Why does this paradox exist, and what does it reveal? This article breaks it down.

WLD’s Price Growth Cannot Keep Up With Unlocks

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According to BeInCrypto data, WLD is currently priced at around $1.77. It would need to rise about 6.6 times to reach its peak of nearly $12 in March 2024.

Yet, WLD’s market capitalization has already surged, reaching $3.58 billion, more than double the $1.74 billion peak from March 2024.

This creates a paradox often overlooked by investors: the market cap has soared, but the token price has lagged. This situation raises questions about the project’s true health and potential risks for holders.

The explanation lies in supply dynamics. In 2024, only 13% of the WLD supply, or about 1.3 billion tokens, was circulating. CryptoRank data shows that the circulating supply has now increased to 20%, or 2 billion tokens, in September 2025.

Eightco Holdings revealed a $250 million corporate treasury strategy centered on Worldcoin. This announcement helped double market capitalization in less than a week.

As a result, the market cap set new highs, while the price remained far below its previous peak. It appears WLD’s price growth cannot keep pace with the unlocking schedule.

WLD Enters Acceleration Phase of Unlocks

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WLD’s unlock chart shows the project entering an acceleration phase until the end of 2028. The steep slope of the chart illustrates this trend.

This has triggered investor concerns about dilution risk in the future.

“Worldcoin’s $WLD unlock schedule is brutal: >10B WLD to hit the market by 2038. With most supply still locked, future dilution risk is massive,” investor Stan_Crypto said.

Concerns about WLD’s unlock pace are not new. The project adjusted its plan last year, reducing daily unlocks from around 3.3 million to 2 million. Still, skepticism persists.

Additionally, data from Santiment shows rising selling pressure. WLD also recorded a one-year high in token inflows to exchanges, reaching 37.5 million WLD on September 9.

This move signals attempts to capitalize on higher prices and strong liquidity for profit-taking.

The paradox of Worldcoin reflects a broader feature of the crypto market: market capitalization growth does not necessarily translate to stable token prices. Investors should carefully evaluate unlock schedules and dilution risks before committing to any project.