Worldcoin (WLD) is experiencing a price decline, falling more than 2% following reports that FTX intends to auction off 22.3 million locked tokens. The move is part of FTX’s ongoing efforts to repay creditors amid the company’s bankruptcy proceedings.
FTX will offer these WLD tokens, worth approximately $37.7 million, at an expected discount of 40% to 75% from the current market price of approximately $1.69. The tokens are expected to be unlocked gradually through 2028. The first tranche will be available daily from December 1, 2024 to July 24, 2026, while the second tranche will be unlocked daily from July 25, 2026 to July 24, 2028. As a result, the WLD price is currently hovering around $1.70, reflecting a significant weekly decline of more than 20%.
Bids for the WLD token are due at midnight UTC on Wednesday, with an announcement of the successful bid expected on Thursday. Mike Cagney, CEO of Figure Markets, said his company may set up a fund to participate in the auction, similar to its previous efforts with the Solana token.
The auction follows FTX’s previous Solana and Metaplex token sales, which were also conducted at a discount. In May, the company successfully sold a portion of its $7.5 billion Solana tokens. FTX currently holds about $594 million in remaining assets, mostly illiquid FTX tokens (FTT).
Looking ahead, despite the current bearish pressure on WLD prices, technical analysis suggests upside potential in 2025, with price forecasts ranging from $3.56 to $4.29. Worldcoin, co-founded by OpenAI’s Sam Altman, recently expanded its World ID verification system to Poland, increasing its global presence and reach.
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