Worldcoin will pump a staggering 1.5 million WLD tokens every week for six months straight would lead to an increase of 36 million WLD token supply, amounting to ~$200 million as per the current supply.
Sam Altman’s iris-scanning digital identity project Worldcoin announced that it would increase the supply of its WLD tokens by a staggering 19% over the period of the next six months. Worldcoin said that it plans to implement this through the private sale to non-US institutions.
In its blog post on Tuesday, April 23, Worldcoin stated that the Worldcoin foundation subsidiary World Assets, which is in charge of the WLD assets, will sell nearly 1.5 million Worldcoins (WLD) worth a staggering $8.5 million every week via a series of “private placements to a select group of institutional trading firms” outside the United States.
“World Assets expects to sell between 0.5 million and 1.5 million WLD per week on average. The circulating supply of WLD will thus increase correspondingly,” noted Worldcoin in its blog post.
Pumping a staggering 1.5 million WLD tokens every week for six months straight would lead to an increase of 36 million WLD token supply, amounting to ~$200 million as per the current supply. Worldcoin currently has a supply of 193 million WLD tokens in the market. This shows that it is planning to add nearly 19% of the additional supply to the market.
As soon as the news of Worldcoin increasing the WLD supply spread, the price of the WLD token came under some selling pressure. As of press time, Worldcoin (WLD) is trading 3.5% down at a price of $5.45 and a market cap of over $1.058 billion.
Worldcoin stated its intention to engage in negotiations with individual trading firms, particularly those in competition with one another, to conduct private placements at or near prevailing Worldcoin (WLD) market prices. This strategy aims to mitigate the potential price impact on the token.
About the Worldcoin (WLD) Project
Worldcoin is the pet project of OpenAI CEO Sam Altman current Wolrdcoin CEO Alex Blania, and Max Novendstern, launched last year in July 2023, in beta. This crypto-based digital identity project markets itself as providing a solution to identity issues evolving through rapid developments in AI along with a push for a new model of universal basic income through its native WLD token.
Users of Worldcoin register their identity through the company’s “World App” by scanning their retinas at machines called “Orbs,” as designated by the company. In return for their biometric data, users receive approximately 25 Worldcoin, which is presently valued at around $137.
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