Journalist
Posted:
- Worldcoin has launched in Singapore.
- WLD has witnessed a dip in demand after registering an all-time high ten days ago.
Worldcoin [WLD], the crypto project co-founded by OpenAI CEO Sam Altman, has launched in Singapore, the company announced in a statement on 27th December.
The launch comes six days after Worldcoin halted its eyeball-scanning operations in India, Brazil, and France.
World ID verifications have launched in Singapore 🫡https://t.co/H71mO2d8gn
— Worldcoin (@worldcoin) December 27, 2023
According to the blog post, the project’s expansion to Worldcoin signals 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 humanness at an Orb in the latest sign of growing global interest in proof of personhood and the Worldcoin project.”
Apart from the launch of its ID services in the Singaporean market, Worldcoin confirmed that its lead developer, Tools for Humanity (TFH), has joined two of Singapore’s most respected startup and tech associations: ACCESS and the Singapore Fintech Association (SFA).
WLD falls further from its all-time high
On 17th December, the general market rally pushed WLD’s price to an all-time high (ATH) of $4.70. However, exchanging hands at $3.56 at the time of writing, the altcoin’s price has since dropped by 24%, according to data from CoinMarketCap.
The price decline has been due to the consistent decrease in WLD accumulation since it recorded the ATH. Readings from the token’s single-day chart showed that its Chaikin Money Flow (CMF) has trended downward since 17th December.
Source: WLD/USDT on TradingView
Positioned below the zero line at press time, the indicator showed a decline in liquidity flow into the WLD market. At a negative value of -0.05, WLD’s CMF showed that selling pressure was significant and outpaced token accumulation.
Further, the decline in WLD’s Accumulation/Distribution line (ADL) confirmed the dip in buying pressure since 17th December.
The ADL measures the underlying supply and demand of an asset, and it does this by determining whether traders are actually buying or selling the asset.
Realistic or not, here’s WLD’s market cap in ETH terms
A falling ADL generally indicates that more investors are selling the asset than buying it. It also confirms a downtrend in price, suggesting further declines may be likely if sentiment does not improve.
At -156.77 million at the time of press, WLD’s ADL has dropped by 37% in the past ten days.
