Sam Altman’s AI-crypto venture Worldcoin faces mounting pressure as Alameda Research continues significant token sales. On-chain data Wednesday showed the market maker persisting in offloading the AI token, sparking investor concerns as WLD price dropped nearly 5% intraday. Crypto market observers are speculating on the token’s future given current market metrics and bearish sentiment from recent large-scale selling.

Worldcoin Under Pressure from Alameda Research Selloff

In a notable development, Worldcoin has encountered substantial selling pressure as market maker Alameda Research consistently transferred large amounts of the AI token to leading crypto exchange Binance. On-chain tracker Spotonchain data reveals the market maker has been depositing 143,770 WLD to Binance weekly over the past two months.

Specifically, the entity transferred 1.56 million coins worth $2.51 million to Binance since August 9 across ten transactions. The average price for these deposits was $1.605. Currently, the market maker still holds 23.44 million coins valued at $43 million, suggesting it could take three years to fully liquidate at the present rate. Given the AI token’s market position, continued selloffs may drive further downward momentum in its price action.

It’s also worth noting that another major Alameda holding, MNT (formerly BIT), could see selloffs as the firm’s 3-year no-sale agreement with BitDAO concludes in November.

WLD Price Dips 5%

Concurrently, Worldcoin price declined nearly 5% over 24 hours to $1.86. The token’s daily low and high were $1.83 and $1.98 respectively. Notably, the AI asset displays bearish signals amid the market maker’s persistent selling, raising investor apprehension.

Furthermore, Coinglass data showed a 10% decrease in the token’s futures open interest to $170.83 million. Additionally, derivatives volume plunged 31% over 24 hours to $754.13 million, indicating waning investor interest. Combined with Alameda’s extensive selloffs, market indicators suggest WLD currently faces bearish sentiment across the broader crypto market. Analysts anticipate potential further price declines if additional large-scale selling occurs.

However, a recent WLD price analysis by CryptocurrencyNews.com suggests the token could rally 400% in the near term. This bullish projection stems from expectations surrounding Microsoft’s potential acquisition of OpenAI, another prominent AI firm led by Sam Altman.