The number of unique addresses holding the Worldcoin (WLD) crypto is up 200% since July 24th.
Despite the excellent data, we can already see a risk of supply concentration, with the top 20 wallets holding more than 90% of the circulating supply of WLDs.
Worldcoin: growth in the number of unique addresses owning the WLD crypto
Since July 24, the day of the official launch of the Worldcoin project, the number of unique addresses that hold the WLD crypto has risen sharply, demonstrating a high interest from retail investors.
In particular, from the 136,692 initial addresses, another 280,694 entities have been added to date for a total of 417,386 holders on the Optimism blockchain .
Overall, in the first two weeks that trading of the WLD token has been open to the public, holders of the cryptocurrency have increased by around 200%.
The high number of wallets present since the first day of the listing is justified by the fact that many users have received an airdrop from the Worldcoin Foundation for testing the company’s products as early adopters.
In detail, those who had given their biometric data by scanning their irises using the “orb” devices then obtained a contribution equal to 25 WLD, equivalent to 67 dollars according to the first token prices on the markets.
Not everyone was able to participate in the airdrop since the presence of “orbs” is limited and available only in some countries of the world (absent in Italy).
It is also very interesting to note that the number of “WorldApp” wallets has seen a sharp rise . Already from mid-June users could download their Worldapp address and explore the Worldcoin ecosystem: about 40% of these entities then obtained the reward as early adopters.
Currently, the total number of wallets amounts to 1.1 million units and continues its upward trend day after day.
on June 17, this figure could only count 9,685 wallets. The real surge was recorded from June 26 onwards, reaching half a million units on July 1st.
Centralization risk for Worldcoin: supply of the WLD crypto concentrated in the top 20 wallets
Beyond the number of addresses holding the WLD crypto and the number of Worldapp wallets, it is interesting to observe how the circulating supply of the native token of the Worldcoin project is distributed.
On July 24, an amount of 101,411,213 WLD tokens was issued, corresponding to approximately 1% of the total supply set by Sam Altman and his team.
According to tokenomics data in the Worldcoin Whitepaper, the community is entitled to an extremely high share of tokens, equal to 75% of the total, which will however be unlocked in the next 15 years.
The remaining 13.5% goes to Tools for Humanity investors, 9.8% to the initial development team, and 1.7% in reserve.
Starting from August 2024, the vesting for the unblocking of the tokens by the investors of the project will begin, with a consequent risk dump for the cryptographic currency.
Among the most prominent figures who have invested in Worldcoin and the WLD crypto are Reid Hoffman, Andreessen Horowitz, Anatoly Yakovenko, Gavin Wood, Day One Ventures, Digital Currency Group (DCG), Coinfund, Blockchange Ventures, and others.
Despite the large portion of the supply dedicated exclusively to the project community, we can currently observe a strong concentration of the supply circulating around the top 20 holders .
In detail, according to Etherscan data, the first 7 addresses hold more than 90% of the circulating supply of WLD, with the share reaching over 95% if we get to the first 20 addresses.
In itself, this distribution may seem more grouped than it really is, given that the first two holders, who hold about 72% of the supply, are addresses within the Worldcoin Foundation which are used as a basis for distributing rewards to users and for developing platform work.
In any case, we can still see the strong presence of market makers in the ranking of the best WLD owners, with the big whales controlling the crypto market.
Among these we obviously find the king of centralized exchanges Binance with the third largest address in the ranking, followed by Wintermute and other crypto service providers such as Bithumb, Okx, Huobi, Flow Trades, Uniswap, Gate.io, Bitget, Bybit, Mexc, etc.
The only two unknown addresses, probably attributable to two real holders, are present between the top 10 and the top 20 of the ranking, together forming less than 0.7% of the number of tokens in circulation.
The situation, therefore, seems to be in the hands of the powers that be, and not in that of the community, as estimated by the Worldcoin Foundation.
Focus on crypto prices
Taking a more focused look at the prices of WLD, a native crypto of the Worldcoin project, we can observe how traders maintained a trading range between $2 and $2.65 in the first two weeks of trading (not counting spikes).
WLD is currently valued at $2.054 per unit with a market cap of $244 million.
After the very first hours of the launch on July 24, in which the coin hit a price high of $5.29 on Binance (immediately absorbed) the prices started to fall until they touched the lowest value ever recorded at $1.85 .
The traders then proceeded to a buying session bringing the value of WLD back above 2 dollars and subsequently exchanging it with less volatility.
Right now the trend for the cryptocurrency appears to be on the downside, with bulls needing to defend current prices to prevent a follow-down in demand.
Unfortunately, a high concentration of supply around market makers means that prices can be manipulated, with a high risk for retail investors.
In the long run, the WLD crypto could see long seasons of declines, given that 99% of the total supply has yet to be unblocked, resulting in an increase in selling pressure. By the end of the year, we could see another 500,000 WLDs unlocked on the market, ready to be dumped. In August 2024, however, the first vestings for private investors will arrive.
At the end of 2024, the supply will be 2.6 times greater than the current one, with prospects for an increasingly rapid and violent increase in the number of tokens in circulation.
It seems that inflation is destined to reign over the fate of the WLD cryptocurrency, whose future prices could be seriously disappointing, undermining the future of Worldcoin.