Journalist
Posted:
- WLD exchanged hands at an all-time high on 20th November.
- Profit-taking might, however, result in a price correction.
Worldcoin [WLD] rallied to an all-time high of $2.45 during intraday trading on 20th November. This came as OpenAI confirmed that former CEO Sam Altman remains fired from the company.
Following Altman’s initial firing on 17th November, it was widely reported that the OpenAI board was in discussions with the tech founder to return him to the company as its CEO.
WLD, which initially tanked after Altman was first fired, quickly jumped by 25% when the discussions aimed at his potential reappointment began.
However, following a weekend of negotiations, the company’s nonprofit board took a different direction altogether. They appointed former Twitch CEO and co-founder Emmett Shear as interim CEO.
Not for too long
On 20th November, WLD briefly exchanged hands at its highest price level of $2.45 before witnessing a decline. Trading at $2.38 at press time, the alt’s value has since dropped by 3%.
WLD’s uptick was fueled mainly by the market euphoria around Altman’s final exit from OpenAI and his decision to join Microsoft with Greg Brockman to “lead a new advanced AI research team.”
We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett…
— Satya Nadella (@satyanadella) November 20, 2023
This was gleaned from the coin’s social volume, which jumped to a two-month high of 79 on 20th November. A surge in an asset’s social activity and price backed by very little or no strong fundamentals is often followed by an immediate price correction.
Therefore, WLD’s price might retract as the discussion surrounding the OpenAI drama diminishes.
As expected, investors have capitalized on the recent price rally to book gains. AMBCrypto’s assessment of WLD’s exchange activity revealed an uptick in the token’s supply on exchanges in the past few days.
Between 19th November and press time, WLD’s supply on exchanges has risen by 15%.
Read Worldcoin’s [WLD] Price Prediction 2023-2024
Since last Friday, WLD holders have become even more incentivized to sell due to WLD’s rising Market Value To Realized Value ratio (MVRV).
At press time, the alt’s MVRV ratio was 1295%. This meant that its current market value was higher than the average price at which it was last purchased, and most traders were guaranteed at least over 1200% returns on their initial investments.
Source: Santiment
