It is reported that Multicoin Capital has purchased 60 million Worldcoin (WLD) through an over-the-counter (OTC) transaction with the project team, betting on a biometric identity verification protocol.
This acquisition took place during a time when investor participation is decreasing, and the WLD price has dropped by 21% over the past month.
Multicoin Capital, additional purchase of Worldcoin... despite the price drop.
Multicoin Capital is a logic-based cryptocurrency and blockchain project management firm established in 2017. On-chain analytics company Lookonchain captured the fact that a large transaction occurred from a wallet (0xf0007b56607BB268efFe4126655f077F8cf42696) known to be associated with Multicoin Capital.
On-chain data indicates that this address transferred $30 million to the Worldcoin team a day ago. Additionally, it appears that Multicoin Capital received 60 million WLD tokens through a direct over-the-counter transaction. This suggests that it was not a public market purchase.
This trading moment is special. Both on-chain and search data show a declining interest in Worldcoin. The DeFi on-chain data site DefiLlama has reported that the number of new active Worldcoin wallets has significantly decreased since September.
The decrease in new participants suggests a reduction in demand from individual investors. In contrast, institutional investors continue to buy. Search interest is showing a similar trend.
According to Google Trends data, the search volume for 'Worldcoin' has significantly decreased after reaching a peak of 100 in September. The surge at that time was attributed to the listing of WLD on Upbit, which caused the token price to rise. However, since then, the price of Worldcoin has given back its gains, and current search interest has dropped to 6.
Price movements also reflect this sentiment. According to BeInCrypto Markets data, WLD has fallen by more than 21% over the past month.
As of the time of writing, this token is trading at $0.49614. This represents an increase of 2.57% over the last 24 hours. The recent short-term rebound is due to the overall cryptocurrency market cap rising by about 0.5%.
In addition to price flows, the project is also under regulatory pressure. At the end of November last year, Thai authorities ordered the cessation of iris-based enrollment activities for World and the deletion of biometric data for over 1 million individuals.
This action was taken after the enforcement measures in October. At that time, Thai authorities raided one of the project's iris scanning locations.
"This cooperation will enhance the effectiveness of law enforcement in punishing and cracking down on unauthorized digital asset businesses. It will also protect users from the lack of legal protection and mitigate the risks of fraud and money laundering." – Jo Mok-wan, Deputy Director of the SEC
This situation adds to previous challenges. In May, the project faced regulatory constraints in both Indonesia and Kenya.
