Worldcoin emerges as top gainer, trading volume skyrockets

Worldcoin (WLD) has emerged as the top gainer among the 100 leading cryptocurrencies amid bullish market sentiment.

WLD is up 23.6% in the last 24 hours and is trading at $6.50 at the time of writing; reaching this level for the first time in three weeks. The asset’s market cap currently stands at $1.32 billion, making it the 70th largest digital currency.

WLD price, RSI, foreign exchange activity, open interest and funding rate – May 6 | Source: Santiment

Additionally, Worldcoin’s daily transaction volume increased by 109%, reaching $520 million.

According to data provided by Santiment, WLD’s total open positions increased by 21.5% over the past day, from $131.9 million to $160.3 million at the reporting date.

With increased trading volume and a sudden increase in Worldcoin’s open interest, higher price volatility can be expected due to whale activity and potential liquidations.

Data from the market intelligence platform shows that the total WLD funding rate collected from all exchanges dropped from 0.008% to 0.001% in the last 24 hours. This movement shows that increased open interest is mostly coming from increased short positions.

Simply put, the number of traders betting that the price of WLD will fall has increased impressively along with the rise in the price of the asset.

According to Santiment, the inflow to the Worldcoin exchange is at 454,380 WLD, the outflow is at 542,360 WLD, and a net outflow of 87,980 coins is recorded in 24 hours. On-chain movements suggest that some investors are accumulating Worldcoin despite bearish expectations around the asset.

According to Santiment, the WLD Relative Strength Index (RSI) increased from 40 to 54 in the last 24 hours. The indicator suggests that the asset is slightly overheated and an RSI below 50 could indicate a steady price increase.