Journalist
Posted:
- WLD traded hands at an all-time high on November 20.
- However, profit taking can lead to a price correction.
World currency [WLD] rose to an all-time high of $2.45 during intraday trading on November 20. This came as OpenAI confirmed that former CEO Sam Altman remains fired from the company.
Following Altman’s initial firing on November 17, it was widely reported that OpenAI’s board was in talks with the technology’s founder to return him to the company as CEO.
WLD, which initially tanked after Altman was first fired, quickly jumped by 25% when discussions focused on his possible reappointment began.
After a weekend of negotiations, however, the board of the company’s nonprofit organization went in a completely different direction. They named former Twitch CEO and co-founder Emmett Shear as interim CEO.
Not too long
On November 20, WLD briefly exchanged hands at the high price level of $2.45 before falling. The alt’s value, which stood at $2.38 at the time of writing, has fallen 3% since then.
WLD’s revival was primarily fueled by the market euphoria surrounding Altman’s final departure from OpenAI and his decision to participate Microsoft and Greg Brockman will “lead a new cutting-edge AI research team.”
We remain committed to our partnership with OpenAI and are confident in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett…
— Satya Nadella (@satyanadella) November 20, 2023
This was inferred from the coin’s social volume, which rose to a two-month high of 79 on November 20. A rise in social activity and the price of an asset, supported by very few, if any, strong fundamentals, is often followed by an immediate price correction.
Therefore, WLD’s price could fall as the discussion surrounding the OpenAI drama subsides.
As expected, investors have taken advantage of the recent price rise to book profits. AMBCrypto’s review of WLD’s exchange activity revealed a surge in the token’s supply on exchanges in recent days.
Between November 19 and the time of writing, WLD’s supply on the exchanges has increased by 15%.
Read World currencies [WLD] Price prediction 2023-2024
Since last Friday, WLD holders have been even more incentivized to sell due to WLD’s rising market value to realized value ratio (MVRV).
At the time of writing, the alt’s MVRV ratio was 1295%. This meant that its current market value was higher than the average price at which it was last purchased, and most traders were guaranteed a return of at least more than 1200% on their initial investments.
Source: Santiment