Alameda Research Transfers Another $298K Worth of Worldcoin to Binance, Total Reaches $3.46M Since August

Date: Wed, Oct 30, 2024, 05:37 AM GMT

In a notable move within the cryptocurrency market, Alameda Research, once a leading player in the industry, has recently deposited a significant amount of Worldcoin (WLD) to Binance. According to reports from Spotonchain, Alameda deposited 143,770 WLD, worth approximately $298,190, just eight hours ago.

Alameda’s Recent Deposit of Worldcoin

Since August 9, Alameda Research has deposited a total of 2 million WLD (around $3.46 million) to Binance in various smaller batches.

Source: Spotonchain (X)

This ongoing sell-off is likely part of their strategy to gather liquidity for repaying creditors following the collapse of FTX, the cryptocurrency exchange co-founded by Sam Bankman-Fried. Recently, the court approved FTX's plan to repay $16.5 billion to its customers, which has increased the urgency for Alameda to liquidate its assets.

As of now, Alameda Research still holds 23.01 million WLD, valued at about $47.6 million. At the current pace of selling, it could take over three years to fully liquidate these remaining tokens.

Source: Spotonchain

WLD’s Price Analysis

The continuous sell-off has put pressure on the price of WLD, which has only seen a 2% increase over the last month. This is in stark contrast to other altcoins that have experienced impressive rallies, especially as Bitcoin has surged to $72,000.

Currently, WLD is trading at $2.07. It has found support at the $1.86 level and is now approaching the next resistance level at $2.45. If WLD can break through this resistance, it may set its sights on a target of $3.00.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

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