Journalist
Posted:
- Worldcoin has launched in Singapore.
- WLD has witnessed a dip in demand after registering an all-time high ten days ago.
World currency [WLD]the crypto project co-founded by OpenAI CEO Sam Altman has launched in Singapore, the company announced in a press release rack on December 27.
The launch comes six days after Worldcoin stopped its eyeball scanning activities in India, Brazil and France.
World ID verifications have been launched in Singapore 🫡https://t.co/H71mO2d8gn
— Wereldcoin (@worldcoin) December 27, 2023
According to the blog post, the expansion of the project to Worldcoin indicates the growing adoption of the concept of proof of personhood and a general acceptance of the project.
The blog post read:
“Individuals in Singapore can now verify their unique humanity on an Orb in the latest sign of growing global interest in proof of personhood and the Worldcoin project.”
In addition to launching its ID services in the Singapore market, Worldcoin confirmed that its lead developer, Tools for Humanity (TFH), has joined two of Singapore’s most respected startup and technology associations: ACCESS and the Singapore Fintech Association (SFA).
WLD falls further from its all-time high
On December 17, the general market rally pushed the price of WLD to an all-time high (ATH) of $4.70. However, exchanging hands for $3.56 at the time of writing, the altcoin’s price has since fallen 24%, according to data from CoinMarketCap.
The price drop is due to the consistent decline in WLD accumulation since it recorded the ATH. Readings from the token’s one-day chart showed that the Chaikin Money Flow (CMF) has been on a downward trend since December 17.
Source: WLD/USDT on TradingView
The indicator at the time of writing was below the zero line and showed a decrease in liquidity flow to the WLD market. At a negative value of -0.05, WLD’s CMF showed that selling pressure was significant and exceeded token accumulation.
Furthermore, the decline in WLD’s Accumulation/Distribution Line (ADL) confirmed the decline in buying pressure since December 17.
The ADL measures the underlying supply and demand of an asset, and does this by determining whether traders are actually buying or selling the asset.
Realistic or not, here is WLD’s market cap in ETH terms
A declining ADL generally indicates that more investors are selling the asset than buying it. It also confirms a downward trend in prices, suggesting further declines are likely if sentiment does not improve.
At -156.77 million at the time of writing, WLD’s ADL is down 37% over the past ten days.
