Maelstrom: Worldcoin’s WLD could reach $5 by August

Arthur Hayes’ investment firm Maelstrom projected on Wednesday that Worldcoin’s native token WLD could reach $5 by August, pointing to potential purchases by Eightco (ORBS) and a scheduled 43% cut in daily token unlocks as near-term factors.

Maelstrom researcher Lukas Ruppert wrote that confidential IPO filings for major AI companies have attracted investor capital. The note references OpenAI’s confidential draft prospectus filed with the SEC on May 22 targeting a September 2026 debut with plans to raise up to $60 billion and a possible valuation near $1 trillion, and Anthropic’s confidential filing after a recent funding round that placed its valuation near $965 billion.

Worldcoin, co-founded by OpenAI CEO Sam Altman, issues the WLD token as part of a project to build a global digital identity and payments network. Maelstrom framed WLD as a potential way for some investors to gain exposure to AI-related demand because the token’s unlocked market capitalization is about $2 billion.

Maelstrom outlined two mechanical factors that have weighed on WLD and could reverse. Worldcoin sold $65 million of tokens in an over-the-counter private round in March, with $25 million of those tokens locked for six months. Buyers hedged those positions by shorting WLD on perpetual futures, creating what Ruppert described as a “textbook short overhang.”

Maelstrom noted the daily unlock schedule will decrease by 43% on July 24, which could reduce a major source of selling pressure. The firm also pointed to Eightco, which holds roughly 283 million WLD tokens and has about $144 million in cash on its balance sheet.

The note argued that if Eightco used some cash to buy additional WLD, increased buying could compress short positions and lift the token price; Ruppert wrote such activity could “trigger a reflexive loop.” Maelstrom labeled WLD an “asymmetric upside” given its relatively small unlocked market cap compared with the multibillion-dollar valuations in the AI sector.

Market performance details in the note show WLD downtrending since February with steeper losses after the March private sale, followed by a recent rally. Over the last seven days the token rose about 60%, making it the top performer among the top 100 cryptocurrencies by market capitalization. Maelstrom’s $5 target implies roughly a 900% rise from a trading price cited near $0.50.

The firm highlighted short-covering mechanics and scheduled supply changes as immediate catalysts, while confidential IPO filings and large AI fundraising rounds were listed as demand-side drivers behind heightened investor interest in AI-linked assets.