Between Feb. 25 and March 7, WLD prices dipped 40% from its $9.50 all-time high after Elon Musk filed a lawsuit against Worldcoin’s parent firm.

Between bullish tailwinds from the NVIDIA-led Crypto AI renaissance and bearish headings from the legal battle between Elon Musk and OpenAI, Worldcoin price levers have been pulled in opposite directions since March 1. 

On-chain data trends provide vital insights into how initial response among crypto whales and Worldcoin long-term investors could impact WLD short-term price action. 

Worldcoin price initially dipped 40% after Elon Musk filed lawsuit

On March 1, Elon Musk filed a lawsuit against Worldcoin’s parent company, OpenAI, for breach of fiduciary duty and claims of unfair business practices. The news effectively truncated a historic February rally for the Worldcoin’s native WLD token. 

WLD’s price soared 320% to an all-time high of $9.50 on Feb 25, which momentarily saw its market cap surpass the $1 billion mark. As news of Elon Musk’s lawsuit against OpenAI broke, it set off a panic yard sale, sending Worldcoin’s price spiraling 40% to a two-week low of $5.60 on March 5.  

It has now been a week since Elon Musk’s lawsuit against OpenAI. The two major stakeholder blocs within any cryptocurrency network are long-term holders and whale investors. On-chain indicators show that both groups have taken on a bullish disposition on Worldcoin. 

Crypto Whales continue investing in Worldcoin

With one eye on the crypto AI, rave partly triggered by NVIDIA’s record-breaking 2023 fourth-quarter earnings and

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Author: Ibrahim Ajibade

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