The Worldcoin Foundation simplifies its grant process, while FTX plans to sell millions of WLD tokens, which could significantly impact the token's price
The Worldcoin Foundation took an important step by simplifying its community grant program. It now offers more opportunities to developers and entrepreneurs. However, this positive news is overshadowed by the impending mass sale of 22.3 million WLD tokens by FTX. Which could put downward pressure on the price of the cryptocurrency.
The token managed to consolidate above a key support at $1.35 and has seen an increase in trading volume / TradingView
Worldcoin Expands Its Horizons
The Worldcoin Foundation announced significant changes to its grant program, moving to a rolling application system. This new structure allows developers to submit their proposals at any time, streamlining the process and encouraging innovation. Focus areas include World ID applications, digital identity solutions, growth initiatives, and governance.
FTX Increases WLD Supply
On the other hand, trading platform FTX revealed plans to sell 22.3 million WLD tokens at a price significantly below market value, with discounts that could reach as high as 75%. This sell-off could flood the market with a large number of WLD tokens, putting downward pressure on the price. Historically, large token sales have led to significant price drops.
WLD Technical Analysis
Despite the impending FTX sell-off, WLD is showing some resilience in recent weeks. The token managed to consolidate above a key support at $1.35 and has seen an increase in trading volume, suggesting that some investors are accumulating the coin. However, the FTX sell-off could reverse this trend and drive the price to lower levels.
Implications for Investors
Investors in WLD should keep an eye on upcoming market moves. FTX's token sale poses a significant risk to the price in the short term. However, if the Worldcoin community continues to grow and adopt the technology, the price of WLD could recover in the long term.
Disclaimer: This information is provided for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making any investment decisions.