2024-5-14 15:00 |
In a recent development, a whale investor has deposited their entire holdings of 624,479 Worldcoin (WLD) tokens, worth approximately $3.33 million, into Binance to stop losses.
According to data from Lookonchain, the whale had accumulated these tokens over the past month at an average price of $5.42, resulting in a total investment of $3.38 million. However, the recent deposit into Binance, just 4 hours ago, has led to a loss of around $50,000 for the investor.
A whale deposited all 624,479 $WLD($3.33M) accumulated in the past month into #Binance to stop losses, losing ~$50K.
He accumulated 624,479 $WLD($3.38M) from #Binance in the past month at an average price of $5.42 and then deposited it into #Binance 4 hours ago.… pic.twitter.com/bz4KNUb5vI
DeFi^2, a top trader on Bybit, has raised concerns about Worldcoin’s tokenomics, suggesting that the project may become the greatest transfer of wealth in the current cycle.
However, instead of benefiting the intended universal basic income recipients, the wealth appears to be flowing into the pockets of the team and insiders.
Aggressive Token Unlocks and Inflation At its current fully diluted valuation of $60 billion, Worldcoin is being devalued by 0.6% per day due to emissions of grant and operator claims, with the majority of these tokens being sold almost immediately based on on-chain analytics. The Worldcoin Foundation has announced the sale of an additional $200 million worth of tokens to trading firms, representing 18% of the entire circulating supply being sold at a discount to counterparties. These tokens come from the “Community” allocation of the WLD token supply but are being sold to adversarial parties to benefit the foundation. In just 70 days, when VC and team unlocks begin vesting, the WLD supply will begin inflating at a staggering 4% per day from unlocks and emissions. This translates to nearly $50 million a day of nonstop sell pressure on a coin that insiders are hoping to cash out at a $60 billion fully diluted valuation. .rh-colortitlebox{margin-bottom:30px;background:#fff;line-height:24px;font-size:90%}.rh-colortitlebox .rh-colortitle-inbox{display:flex;align-content:center;padding:15px;font-weight:700;font-size:110%; line-height:25px}.rh-colortitlebox .rh-colortitle-inbox i{line-height:25px; margin:0 10px; font-size:23px}.rh-colortitlebox .rh-colortitle-inbox svg{width:25px;margin-right:10px}.rh-colortitlebox .rh-colortitle-inbox-label{flex-grow:1}.rh-colortitlebox .rh-colortitlebox-text{padding:20px}.rh-colortitlebox-text>*{margin-bottom:20px}.rh-colortitlebox-text>:last-child{margin-bottom:0} New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW.rh-toggler-open{height:auto !important} .rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important} .rh-toggler-open .rh-tgl-hide{display:block !important} .rh-tgl-show, .rh-tgl-hide{cursor:pointer} .rh-contenttoggler *{box-sizing: border-box !important} .rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;} .rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
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Show more +Show less – Predatory Tokenomics and Manipulative DesignDeFi^2 argues that coins like Worldcoin are designed from the start to have predatory tokenomics that benefit the team and early investors. The trader points out that in December, the Worldcoin Foundation intentionally ended the market maker contract that was preventing the price from squeezing higher on low float, a move reminiscent of the manipulative low float / high fully diluted valuation design employed by Sam Bankman-Fried (SBF).
This design directly enriches insiders as they hedge their locked allocations at high valuations pre-unlock via perpetual futures and over-the-counter (OTC) trading. Meanwhile, retail investors may be unaware of the true nature of the project and the lack of involvement from Sam Altman and OpenAI.
The recent actions of the Worldcoin whale and the concerns raised by DeFi^2 highlight the potential risks associated with investing in projects with questionable tokenomics and manipulative design.
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The post Top Crypto Trader Raises Concerns About Worldcoin Tokenomics: Whale Dumps All WLD Holdings For $50,000 Loss appeared first on CaptainAltcoin.
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