WORLDCOIN FACES CRITICISM AFTER TWEAK TO TOKEN UNLOCK SCHEDULE
- Crypto personality Defi Squared released a post on X accusing Worldcoin of using high FDV as tool for price manipulation.
- Defi Squared also suggests that the unlocks will give insiders 60% of the total circulating supply within a year.
- WLD is down over 13% in the past 24 hours.
The Worldcoin Foundation was the subject of criticism on Wednesday after certain crypto figures spoke against its upcoming token unlock next week
WLD down as lock-up event draws closer
Crypto personality Defi Squared made a post on X, alleging that Worldcoin's token launch will provide one of the lowest floats the crypto industry has recorded, with just 2.7% being released into circulation. He claimed that Worldcoin's team had intentionally manipulated the token's price amid its limited circulating supply.
From a total supply of 10 billion tokens, Worldcoin released 140 million WLD at its initial launch in 2023. Since then, only 278 million tokens have been in circulation, with a fully diluted valuation (FDV) of $26 billion. Defi Squared suggests that the high FDV is intentional and a deliberate plot to manipulate the market's price.
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