The World Foundation accelerated its Worldcoin (WLD) token sales over a 10-day period amid a sustained bearish outlook for the asset.
The non-profit foundation overseeing the development and operations of the Worldcoin network sold 234.9 million WLD tokens for a total of $65 million. Since March 20, the foundation has liquidated 2.39% of the total WLD supply through over-the-counter (OTC) sales to four institutional buyers.
Meanwhile, the World Foundation disclosed that approximately $25 million from the sale proceeds will be locked up for six months, a separate tranche from the funds earmarked for near-term operational use. As such, the foundation has already deposited 35.8 million USDC with Circle Internet Financial to redeem the stablecoins for fiat currency.
Why is Worldcoin on a selling spree?
The proceeds from the recent WLD sales will be channelled into funding the project’s core operations, as the World Foundation stated earlier this week.
“This sale funds the project’s core operations and activities, research and development (R&D), orb manufacturing, ecosystem development, and more,” the World Foundation recently announced.
What is the impact on the WLD price?
The persistent token sales have coincided with a broad bearish trend for WLD. Over the past 7 and 30 days, the toke’s price fell 14.35% and 28.70%, respectively, trading at approximately $0.278 at press time.
The proceeds directed toward ecosystem development could support a longer-term recovery, contingent on the altcoin’s price regaining bullish traction alongside broader Artificial Intelligence (AI) and web3 adoption trends.
With the altcoin having fallen over 97% from its all-time high (ATH), WLD sales to build the ecosystem could bolster its long-term rebound, as noted by trading expert Crypto Patel, though this remains pegged on material on-chain growth and renewed demand signals.
Source: https://finbold.com/worldcoin-sells-65-million-of-wld-in-ten-days-amid-bearish-sentiment/