9 months ago
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Worldcoin (WLD) has registered notable growth in user counts and market valuation due to the robust backing from OpenAI’s CEO Sam Altman.
Amid the notable Bitcoin (BTC) bullish breakout, the Worldcoin (WLD) project has now entered its price discovery phase. According to the latest market data, WLD price rallied more than 150% in the past week to trade around $6.77 on Monday during the early Asian session. The WLD’s daily trading volume is almost outpacing its market cap, which is an early indicator of bullish sentiment and increased liquidity. As of this publication, the WLD coin had a volume-to-market-cap ratio of 83 percent.
What Fueled Worldcoin (WLD) Price Breakout
The Worldcoin project has grown to a leading blockchain-based digital identity network backed by OpenAI’s CEO Sam Altman among other investors. Although there is no official partnership between Worldcoin and OpenAI, speculation on their inevitable integration has escalated. Consequently, any high-impact announcement from OpenAI has caused increased volatility in WLD price action.
For instance, the recent difference between OpenAI’s board members and Altman, which resulted in his forced departure, caused the WLD price to experience heightened volatility.
During the past week, OpenAI began the early testing phase of Sora, an artificial intelligence (AI) model that can create realistic video from text.
The WLD price also experienced a notable boost from the heightened World App growth. According to the company, World App surpassed 1 million daily users last week.
World App, the first wallet built for the Worldcoin project, passed 1M daily users this week. This community is incredible 🫡 pic.twitter.com/Mf6Y51gscQ
— Worldcoin (@worldcoin) February 17, 2024
It is worth noting that Worldcoin’s World ID has surpassed 3.4 million less than a year since its official debut. As a result, about 76.68 million WLD coins have been claimed out of 10 billion units.
Regulatory Hurdles
The Worldcoin project has faced significant regulatory challenges from different countries around the world. Most of the regulators have shown concern over the data collection and storage practices in addition to how the information is used. For instance, Kenya banned Worldcoin operations following a huge turnout. Several countries in Europe have also opened inquiries on Wordcoin’s operation.
Worldcoin’s critics argue that the company can easily exploit the data it has been collecting to its advantage. Moreover, the Worldcoin project is not entirely decentralized, with the majority of the WLD token held by a single entity.
WLD Price Action and Market Outlook
Worldcoin (WLD) price is well bolstered by reputable Web3 investors and real-world adoptions. Already, World ID 2.0 has attracted notable integration with different applications, including Reddit, Discord, Shopify, Minecraft, and Telegram.
The $WLD skyrocketed 163% (7D) to a new ATH of $6.69 today!
Note that #Alameda Research still holds 25M $WLD ($167M), ~19% of the circ supply.
They received those $WLD from #Worldcoin on Aug 15, 2023, when the price was only $1.78 (~$44.4M) and still left the tokens untouched.… pic.twitter.com/7K9o5aqJbP
— Spot On Chain (@spotonchain) February 19, 2024
However, WLD traders should cautiously consider that Alameda Research holds around 19% of the circulating supply, which could end up for sale. Moreover, the distressed company is in the process of liquidating to repay its creditors and customers.
