Worldcoin Slides 21% in 24 Hours as Heavy Selling Pressure Hits Market

Worldcoin (WLD) price dropped hard today, dropping around 21% in a single day. At the time of writing, the token was trading around $0.41 after declining from above $0.5 during earlier trading hours. 

Trading activity has also dropped by 26%, pushing its volume to around $2.1 billion, while the market value has also reduced by 21%, sitting at $1.42 billion.

The drop happened in the wider crypto market during a period of strong selling pressure, and it affected traders who had recently enjoyed a strong rally in the token. Traders now seem to be taking profit and exiting the market. 

Arthur Hayes exit adds to selling pressure

One of the major triggers came when Arthur Hayes, co-founder of BitMEX, announced that he had fully sold his Worldcoin position. 

In a post on X today, Hayes wrote, “This chart is going in the wrong direction. Dumped $WLD. I’m out. See y’all at the clerb.”

His exit is viewed as a setback to traders because it came only days after he had shown support for the token. At that time, Worldcoin had been rising fast and had even climbed around 55% in a short period, reaching highs near $0.62 to $0.63 before reversing sharply.

Before exiting the market, Hayes had related the token to the growing interest in artificial intelligence projects and expected it to benefit from that trend.

However, he later shifted his view, pointing to changing macro conditions, including rising energy prices and uncertainty in markets linked to AI investments. Hayes has also recently exited positions in several other tokens, including HYPE, NEAR Protocol, and Zcash. This pattern added more attention to his decision to sell WLD.

Broader crypto market pressure

Worldcoin is not the only token feeling this pressure. In fact, the broader crypto market is in a downtrend. Bitcoin, for instance, briefly fell below the $60,000 level, adding pressure across altcoins. 

At the same time, leveraged traders began reducing exposure, which increased liquidations and accelerated price declines in smaller assets like WLD. At the same time, profit-taking intensified after WLD had gained roughly 55% in the previous week, making the pullback more severe.

Community criticism follows Hayes’ exit

WLD had been one of the more closely watched AI-linked tokens, and the sudden drop quickly shifted short-term sentiment. 

Arthur Hayes’ exit has been seen by many traders as the cause of the selling pressure. As a result, he has been backed by the crypto communities. Some traders questioned the timing of his decision, accusing him of encouraging people to hold the token before selling his own position.

On-chain analyst ZachXBT questioned how much money came from followers during the trades, pointing out a pattern of exits across several coins. “How much exit liquidity was created from your followers over the past couple days?” ZachXBT commented. 

Hayes defended himself by saying he sold at market price and that he would have accepted losses if the trade had gone the other way.

WLD faces downtrend to support level 

Attention has now shifted to technical levels. On the daily chart, WLD struggled a bit after failing to stay above $0.53, which made it drop to the $0.40 level.

However, the token still has a support level at $0.35, which the market had previously reacted to, as a turning point in previous cycles. If price could hold above this level, it could find momentum for another rally, which could push it back up to above $0.60. 

WLD daily price chart | Source: CoinMarketCap

But failing could lead to further downside to $0.23, where the next support is. Moreover, the Relative Strength Index (RSI) is currently at 64, suggesting a recovery after the price reached an overbought level.

Also Read: Allora (ALLO) Surges 118% amid AI Inference Network Goes Live on Kalshi via Cobot

Follow The Crypto Times on Google News to Stay Updated!