Worldcoin (WLD) price slipped below the $2 support level on Tuesday, with losses in August rising toward the 25% mark. On-chain data analysis shows that Worldcoin whale investors have reacted unusually to the ongoing price correction. 

Worldcoin (WLD) has been under the media spotlight this week after being caught in regulatory crosshairs with Kenyan authorities. A deeper inquest into the underlying on-chain metrics explores how whale investors have reacted to the underwhelming WLD performance in August. 

Worldcoin Has Struggled to Sustain User Traction

Worldcoin caught the crypto investors’ attention at launch. However, amid growing skepticism surrounding its proposal to collect users’ biometric data and Iris scan, the WLD token is beginning to lose traction. 

According to Santiment, active users adopting WLD in daily transactions have declined steeply. 

As illustrated below, Worldcoin only attracted 440 Active Addresses on August 8. Worryingly, this represents an 80% drop from the 2,272 active addresses recorded on the July 24 launch date

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Author: Ibrahim Ajibade

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