Worldcoin’s price defied expectations after the crypto asset failed to react over the last 24 hours. A major event took place on July 24 as the altcoin network witnessed the beginning of the unlock of tokens held by the Tools for Humanity team.
Worldcoin supply enters circulation
The tokens allocated to the investors and team members of TFH, early contributors to the Worldcoin project, are scheduled to be unlocked daily. Each day, 2 million WLD worth over $4 million will be unlocked, with the entire supply set to be unlocked by July 2028. This is concerning because Worldcoin is already a subject of major token unlocks taking place regularly.
The community unlock event, which began with the unlocking of 12.5 million WLD last year, is set to continue until 2026. During this period, 3.20 million WLD worth $6.92 million are being unlocked every day.
Thus, this 1.35 billion WLD supply, combined with the other events resulting in the unlocking of 5.02 million WLD daily, was bound to trigger a reaction from investors and the market. However, Worldcoin’s price remained subdued under the downtrend line, which has been keeping the altcoin away from a rally for nearly three months now.
Trading at $2.16 at the moment, Worldcoin’s price is falling after it failed to breach the $3.00 resistance. The downtrend line hovering above WLD since May coincided with the $3.00 barrier.
A breakout above this level would translate to a potential rise to $3.50 which is crucial in sending Worldcoin’s price to $4.00 and higher.
Although there is a possibility that WLD will consolidate within $4.50 and $3.00 since the former stands as the next crucial resistance level, breaching it will be a challenge, and a failure to do so would mean consolidation for the altcoin.
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