Worldcoin (WLD) has experienced a strong 10% surge in the past 24 hours, catching the attention of market participants. Despite this bullish performance, on-chain metrics suggest that only 11% of WLD holders are currently in profit, signaling potential market challenges.
Rising Market Activity for Worldcoin
Data from CoinMarketCap shows a sharp increase in Worldcoin’s trading activity, with a notable 8% rise in active addresses. This suggests growing interest in cryptocurrency, as more market participants engage in buying and selling activities, driving liquidity and price movement.
The rise in active addresses is often a positive indicator, reflecting increased trading interest. However, it contrasts with the profitability of WLD holders, leaving questions about the sustainability of the current rally.
Profitability Concerns Amid the Rally
While the price of WLD has jumped, only 11% of holders have managed to turn a profit, according to IntoTheBlock. This low profitability rate indicates that a majority of investors are still at a loss compared to their initial investments. The bearish sentiment surrounding profitability suggests that the current rally might face limitations unless broader market sentiment shifts.
Can Worldcoin Hit the $2 Mark?
The key question now is whether WLD can maintain its momentum and breach the $2 threshold. Although the rise in active addresses is promising, the low profitability levels indicate caution. The overall sentiment appears to be slightly bearish, which could limit the upside potential for Worldcoin in the near term.
For WLD to hit the $2 mark, it will likely need sustained market participation, stronger investor confidence, and a reversal of the current profitability metrics.
