WLD price drops and popularity cools down, Multicoin Capital off-chain accumulates 60 million Worldcoin

Despite continued decline in investor engagement and a significant correction in the price of Worldcoin (WLD), well-known crypto venture capital firm Multicoin Capital still chose to increase its holdings against the trend. On-chain data shows that Multicoin Capital recently purchased 60 million WLD tokens directly from the Worldcoin project team through OTC trades, signaling the institution’s long-term optimism for the biometric identity track.

Lookonchain, an on-chain analysis platform, discovered that a wallet address believed to be associated with Multicoin Capital transferred 30 million USDC to the Worldcoin team and subsequently received 60 million WLD tokens. This indicates that the institution did not accumulate on the open market but opted for large-scale direct transactions with the project team to reduce impact on secondary market prices. This move occurred amid a clear weakening of WLD market sentiment, making it particularly noteworthy.

From a market performance perspective, Worldcoin has recently cooled off significantly. Data from Dune Analytics shows that since September, the number of new active wallets has rapidly declined, indicating a weakening retail participation. Meanwhile, Google Trends data also confirms this trend, with the search popularity of “Worldcoin” reaching a peak in September due to the launch on South Korea’s largest local CEX, but then continuously falling and now at a very low level.

The price trend also reflects the fading enthusiasm. Over the past month, WLD’s price has fallen by more than 21%. Recently, WLD is trading at around $0.49, showing a short-term rebound amid a slight market recovery, but overall remaining in a low-volatility range.

In addition to market factors, Worldcoin also faces regulatory pressure in multiple countries. In late November, Thai regulators demanded the project suspend iris scanning activities and delete large-scale biometric data collected. Previously, Worldcoin encountered regulatory resistance in Kenya and Indonesia, adding uncertainty to its global expansion process.

In the context of declining investor enthusiasm and tightening regulatory environment, Multicoin Capital’s decision to significantly increase its WLD holdings reflects a focus on Worldcoin’s long-term potential in decentralized identity (DID) and biometric infrastructure. In the short term, WLD will still be under pressure from slowing demand and regulatory uncertainties, but continuous institutional investment may provide key support for its future development.