The float arithmetic first
WLD launched with a sliver of its eventual supply circulating — insider and foundation allocations vesting over many years behind it. That makes its market cap a rounding error on its fully diluted value, the extreme case of float versus market cap: price discovery happens on the sliver, while the mountain waits on a schedule. Thin float amplifies every rally; the schedule leans on every one of them afterward.
Demand arrives by headline
The project’s identity mission — proof-of-personhood via biometric enrollment — generates demand in announcement waves: AI-identity narratives, country launches, and the founder’s other ventures all move it. It also generates the reverse: privacy regulators in multiple jurisdictions have restricted enrollment, making regulatory news a two-sided event tape few coins carry this hot.
A narrative with a short float
Combine event-driven demand with a thin float and you get WLD’s signature tape: violent, headline-timed, and mean-reverting as the schedule feeds supply into whatever the headline built — the narrative-coin pattern with the volume knob turned up.
Reading it
Keep the unlock calendar open beside the headline tape, and read funding for how leveraged the latest wave is. On this coin, the supply side is never the boring side.