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- Worldcoin’s native token surged over 140% as its user base surpassed one million, driven by its goal to introduce Universal Basic Income through iris scans.
- Despite privacy concerns leading to regulatory scrutiny in several countries, the token’s value continues to rise, buoyed by a broader crypto market rally.
The native token of Worldcoin, WLD, has experienced a substantial growth of over 140% over the last week, an unprecedented surge for the digital cryptocurrency industry. This upswing coincides with the project achieving a milestone of one million daily users for its World App, as announced on February 18 on X.
From a modest 100,000 daily users in November 2023, the project has seen a tenfold increase in user engagement, marking a significant achievement for the platform.
Rapid Growth and Regulatory Challenges
Sam Altman and Alex Blania founded Worldcoin in July 2023 intending to transform digital identity verification with a privacy-preserving system. The unique method of rewarding users for scanning their irises with the native WLD currency attracted much interest and growth.
The project’s ambitious objectives haven’t been without controversy, though. The biometric identity verification method, which uses “Orbs,” or metallic eye-scanning devices, has sparked privacy concerns. The Office of the Privacy Commissioner for Personal Data in Hong Kong opened an investigation into Worldcoin’s operations in reaction to these problems, highlighting the grave threats to personal data privacy.
Regulatory agencies in nations like Kenya and India have also taken action to halt or suspend the project’s services, highlighting Worldcoin’s difficulties in negotiating the complicated web of international data protection laws. Despite earlier concerns, the initiative collected $115 million in Series C funding, demonstrating high investor trust.
Market Dynamics and the Role of Major Players
Notwithstanding these obstacles, there have been notable market gains for the native WLD token for several reasons, such as institutional ownership and whale transactions. One noteworthy development was the whale’s acquisition of 2.09 million WLD tokens from Binance, which increased the token’s price by 25%. In addition, concern over the cryptocurrency’s market dynamics has increased due to Alameda Research’s holding of 25 million WLD tokens, or 19% of the total circulating supply.
WLD’s price has significantly increased, trading at $7.24, a 186% rise over the previous seven days and a 24-hour increase of 41%. This growth is a testament to Worldcoin’s technological advancements and the market’s receptivity to its value proposition.
The project’s linkage with advancements in artificial intelligence (AI) and the broader tech ecosystem has also played a role in its market performance. Sam Altman’s announcement of a new text-to-video generator, Sora, by OpenAI, has added to the optimism surrounding Worldcoin. The parallel developments in AI and digital identity verification underscore the interconnected nature of technological innovation and cryptocurrency market trends.
Notwithstanding these difficulties, the overall cryptocurrency market is still upbeat due to impending events like the halving of Bitcoin and the expectation of an Ethereum ETF. WLD’s success has benefited from this environment, as have other cryptocurrencies. Strong investor confidence is indicated by the token’s derivatives data and a notable increase in open interest points to a bullish market trend.
