Despite the rally in the broader crypto market, the Worldcoin (WLD) price is going down, and investors are asking whether they should buy the dip or sell WLD.
The Worldcoin price was last just under $4.53, down 9% on Thursday.
Sell pressure comes amid headlines that Worldcoin has been ordered to cease operations in Hong Kong amid privacy concerns.
🇭🇰Hong Kong is not only one in scrutinizing WorldCoin.
✅ Hong Kong’s privacy watchdog has cracked down on @worldcoin , the crypto project by OpenAI’s Sam Altman. The project collected “unnecessary and excessive” iris and face scans from 8,000+ users in the city, breaching local… pic.twitter.com/yKCyqSsMx4
— Ryan Yoon | TigerResearch (@ryanyoon_eth) May 23, 2024
Worldcoin is a unique iris biometric cryptocurrency project designed to empower humans as AI agents grow in power.
But its iris scanning technology has raised privacy concerns.
WLD’s near-term outlook is bearish. The cryptocurrency has found resistance at its 21 and 50DMAs in recent sessions.
The Worldcoin price could easily soon test recent lows under $4.0.
For long-term believers in the project, this could be a great time to buy.
If Ether’s surge back to record highs amid Ethereum ETF optimism continues, and Bitcoin also challenges all-time highs, that would likely start to lift the Worldcoin price once again.
Long-term WLD Fundamentals Look Concerning
But long-term WLD fundamentals don’t look great, thanks to concerning tokenomics.
As per analysis earlier this month from X user DeFi^2, the WLD supply is currently being diluted at a rate of 0.6% per day.
Worldcoin realistically might become the greatest transfer of wealth of this entire cycle. Unfortunately, this wealth transfer isn’t in the form of universal basic income as their mission suggests, but instead to the pockets of the team and insiders. I’ve posted a bit on it… pic.twitter.com/Gr83mnt3Ms
— DeFi^2 (@DefiSquared) May 13, 2024
But the supply is soon set to jump by 18%. The Worldcoin Foundation is set to soon sell $200 million in discounted tokens to trading firms.
Moreover, the inflation rate will soon jump to 4% per day when VC and team unlocks commence in two months.
As per DeFi^2, that could mean nearly $50 million per day of non-stop sell pressure.
“Coins like this were designed from the start to have predatory tokenomics that benefit the team and early investors”.
All of this could be a major barrier to near-term WLD upside.
Here’s Why This Solana Meme Coin ICO is Headed to the Top
A better alternative to an inflationary coin like WLD could be an exciting new Solana meme coin called Sealana (SEAL).
South Park-themed Seal cartoon character Sealana has been generating excitement in meme coin trading circles since launching its presale.
The new Solana meme coin ICO features an overweight, Solana meme coin trading degen seal called Sealana.
The seal mascot has already attracted over $2.5 million in funds from eager investors and its community is growing fast.
#Sealana and his $SEAL comrades have been tearing up Vegas like a tornado in a trailer park! 🌪️After nursing a nasty hangover, he hit the jackpot and has been living it up ever since! 💰🎰 Even rented a Lambo for clout like every #Crypto degen! 🏎️
Join the #Presale now and help… pic.twitter.com/XzJWO9L7HJ— Sealana (@Sealana_Token) May 22, 2024
Sealana has already garnered over 5,000 X followers, as well as more than 5,000 on Telegram.
Sealana’s marketing and presale success is reminiscent of the recently launched Solana meme coin Slothana (SLOTH).
Slothana raised over $15 million in presale but subsequently pumped to a market cap of over $100 million, as per DEXTools.
Amid rumors that the Slothana and Sealana teams are related, traders will hope SEAL’s success matches SLOTH’s.
SEAL has all the makings of a meme coin that is headed right to the top. It could easily be the best crypto to buy right now.
Investors can buy their SEAL by connecting their web3 wallet on Sealana’s official website with SOL, ETH, USDT, or USDC. Sealana is also available for purchase via card.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
