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Alameda Research is still transforming its holdings. A series of transactions showed a movement of Worldcoin (WLD) into Binance.
Alameda Research is still transforming its wallets, ahead of the expected repayment to FTX creditors. On-chain activity shows renewed movements of Worldcoin (WLD) to Binance, potentially for liquidation.
WLD has been one of the known holdings of Alameda, though the amount after the liquidation is relatively small compared to the overall payments of FTX. Alameda has been selling WLD for the past three months, liquidating a total of 1.7M tokens estimated at $2.48M. Alameda has liquidated WLD at an average price of $1.67. The previous WLD deposit was on October 16, for 143K WLD.
The latest transaction to Binance involved 143K WLD, valued at $317K. The Alameda wallet still contains more than $50M worth of WLD and may take years to divest its stake. Alameda Research was an early investor in Worldcoin, among other coins and tokens.
In the past six months, outlays from Alameda’s wallet actually slowed down, after the rapid initial liquidations. Even after the sale, Alameda’s wallet is ranked 22 out of more than 30K holders of Worldcoin on its Ethereum version. Alameda still owns 0.23% of the total supply. WLD has a circulation of close to 560M tokens out of its total 10B supply.
Alameda’s wallet receives risky meme tokens
Alameda’s wallet is also showing a series of token inflows, linked to Uniswap V2. The wallet has active transactions from the past two weeks, receiving new positions in risky meme tokens.
Most of the risky tokens lost their value through rug pulls, and it is uncertain how they landed in Alameda’s wallet. In the past week, there were also outflows of several small holdings, including Cere Network (CERE), Curve (CRV), IDEX, and AERGO. Alameda has stopped its panic-selling, and its transactions are mostly seen as planned unloading.
The wallet is still valued at $152.3M, benefitting from the overall market recovery. WLD is also becoming more valuable to Alameda, after rallying to $2.24, far above the recent average selling price. Even with the recent selling, Alameda saw its portfolio recover after a recent dip.
In the past few months, there were fears that selling from Alameda could further pressure the market. This time around, Alameda is selling into a bull market and does not have sufficient holdings to cause a price drawdown. WLD has also been rallying for the past month, adding value to Alameda’s portfolio.
Alameda itself is not mentioned as a backer of Worldcoin. The only connection to the project is Sam Bankman-Fried, mentioned as an angel investor for an undisclosed sum. Alameda Research itself has 231 investments of $3M to $10M, with an average ROI of more than 100X.
World Chain brings first users on board
Worldcoin is entering a new stage, with more token unlocks coming. Currently, only 11.39% of the tokens are in circulation. One of the hypotheses for Alameda’s selling is that it finally has the right to move the tokens and cash out.
World Chain brought around 12K wallets in the first days after its launch, handling over 245K transactions. The end goal is to migrate a total of 15M users to the L2, though currently, only around 30K wallets hold WLD. Worldcoin retains its ambition to become a globally used asset, continuing to onboard new users with real identities through its biometric data orbs.
WLD is now inviting predictions for even bigger appreciation, after the launch of its native World Chain. The new L2 chain has already locked in $90M in value in the first days after its launch, with $6M in stablecoins.
WLD also returned to a $1.33B market capitalization, with a fully diluted valuation above $24B. WLD managed to rally to $10.67 in the March bull market, sparking hopes of a recovery.
The Worldcoin project sparked some skepticism about its utility, but the WLD token is turning into a speculative asset, expecting a breakout. WLD open interest is also slowly recovering, getting close to a three-month high of $193M.