Worldcoin remains unfazed by whale selloff, rises 17% in 24 hours

Worldcoin witnessed a strong whale selloff yesterday, Sept. 25, but the asset still continued its upward momentum.

Worldcoin (WLD) is up by 17.3% in the past 24 hours and is trading at $2.12 at the time of writing. The asset’s market cap surpassed the $1 billion market again, making it the 69th-largest digital currency.

WLD’s daily trading volume also recorded an 85% rally, reaching $430 million.

According to data provided by IntoTheBlock, large Worldcoin holders recorded 6.23 million WLD — worth $13.15 million — in outflows on Sept. 25. The indicator shows that the number of whales selling the asset was much greater than the ones accumulating.

Whale selloffs usually hint at times of panic or profit-taking, both of which lead to price declines. At this point, WLD has recorded a 32% price surge over the past week, remaining unfazed by the large whale selloff.

Per a crypto.news report on Aug. 21, Worldcoin’s 40% plunge below the $1.4 mark put over 92% of its holders at a loss. 

Data from ITB shows that the number of WLD holders suffering losses has declined to 68% at the reporting time. 

One of the bullish drivers for the WLD price was the recent announcement from the company. Worldcoin revealed that it launched World ID in three more countries — Guatemala, Malaysia, and Poland.

It’s important to note that price hikes on the back of big announcements have shown to be short-lived. If the whale selloff continues, a price correction would be expected for the WLD price.