Worldcoin (WLD) faces price pressure as FTX plans to auction off 22.3 million tokens

Worldcoin (WLD) is experiencing a price drop, falling over 2% following reports that FTX intends to auction off 22.3 million locked tokens. This move is part of FTX’s ongoing efforts to pay off creditors amid its bankruptcy proceedings.

FTX will offer these WLD tokens, valued at approximately $37.7 million, at expected discounts ranging from 40% to 75% from the current market price of around $1.69. The tokens are scheduled to be unlocked gradually through 2028. The first batch will be available daily from December 1, 2024, to July 24, 2026, while the second batch will be unlocked daily from July 25, 2026, to July 24, 2028. As a result, the price of WLD is currently hovering around $1.70, reflecting a notable weekly drop of over 20%.

Bids for WLD tokens must be submitted by midnight UTC on Wednesday, with notifications of successful bids expected to be received on Thursday. Mike Cagney, CEO of Figure Markets, indicated that his firm may set up a fund to participate in the auction, similar to its previous efforts with Solana tokens.

This auction follows FTX’s previous Solana and Metaplex token sales, which were also conducted at a discount. In May, the trust successfully sold a portion of its Solana tokens worth $7.5 billion. Currently, the FTX trust holds around $594 million in residual assets, predominantly in illiquid FTX tokens (FTT). Looking ahead, despite the current downward pressure on WLD prices, technical analysis suggests potential growth in 2025, with price forecasts ranging between $3.56 and $4.29. Worldcoin, co-founded by OpenAI’s Sam Altman, recently expanded its global identity verification system to Poland,