Amidst a wave of bullish sentiment sweeping the cryptocurrency market, Worldcoin (WLD) has emerged as the standout performer among the top 100 digital currencies, experiencing a remarkable surge in value and trading activity.
Over the past 24 hours, WLD has witnessed a meteoric rise of 23.6%, reaching a trading price of $6.50, marking a significant milestone not achieved in three weeks.
With a market capitalization of $1.32 billion, Worldcoin now holds the 70th position among digital assets.
Bolstering this impressive surge is the staggering increase in daily trading volume, soaring by an astonishing 109% to reach $520 million.
Additionally, data provided by Santiment reveals a notable uptick in WLD’s total open interest, surging by 21.5% from $131.9 million to $160.3 million within the same period.
The surge in open interest and trading volume signals heightened market activity, potentially leading to increased price volatility driven by whale activity and the possibility of liquidations.
Further insights from Santiment indicate a significant drop in the total WLD funding rate across all exchanges, plummeting from 0.008% to 0.001% over the past 24 hours.
This decline suggests a surge in short positions as traders anticipate a potential correction in WLD’s price following its rapid ascent.
On-chain data reveals intriguing investor behaviour, with a net outflow of 87,980 WLD coins recorded within 24 hours.
Despite bearish expectations surrounding the asset, some investors are actively accumulating Worldcoin, as evidenced by the exchange inflow of 454,380 WLD coins compared to the outflow of 542,360 WLD coins.
Of particular note is the Relative Strength Index (RSI) for WLD, which has surged from 40 to 54 over the past 24 hours, according to Santiment.
This indicates that the asset is slightly overheated, with an RSI below 50 suggesting a more stable price trajectory amidst ongoing market fluctuations.
