Worldcoin dominates as the leading beneficiary, witnessing an exponential surge in trading activity
Worldcoin (WLD) has emerged as the top performer among the leading 100 cryptocurrencies, riding the wave of bullish market sentiment.
WLD experienced a remarkable surge of 23.6% in the past 24 hours and is currently trading at $6.50, reaching this level for the first time in three weeks. With a market cap of $1.32 billion, it now stands as the 70th-largest digital currency.
The daily trading volume of Worldcoin also saw a significant increase, rallying by 109% and reaching $520 million.
Data provided by Santiment reveals that WLD’s total open interest rose by 21.5% in the past day, climbing from $131.9 million to $160.3 million.
With the heightened trading volume and the sudden surge in open interest, it is expected that the price volatility of WLD will increase due to whale activity and potential liquidations.
Market intelligence platform data shows that the total WLD funding rate, which aggregates from all exchanges, dropped from 0.008% to 0.001% in the past 24 hours. This movement suggests that the increased open interest is primarily driven by augmented short positions.
In simple terms, the number of traders betting on a decline in WLD’s price has significantly increased alongside the asset’s price rally.
Santiment’s data also reveals that Worldcoin’s exchange inflow stands at 454,380 WLD, while the outflow hovers at 542,360 WLD, resulting in a net outflow of 87,980 coins in 24 hours. These on-chain movements indicate that some investors are accumulating Worldcoin despite bearish expectations.
Notably, the WLD Relative Strength Index (RSI) has risen from 40 to 54 in the past 24 hours, according to Santiment. This indicator suggests that the asset is slightly overheated, and an RSI below 50 could indicate a stable price hike.
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