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Sam Altman’s Worldcoin Token Makes Headlines With 24% Surge Amid OpenAI Drama

The narrative around Sam Altman and OpenAI seems to have had a major impact on the value of WLD, the token that Worldcoin, a cryptocurrency that Altman co-founded, is issuing.

As the drama surrounding Sam Altman’s dismissal from OpenAI and possible reinstatement continues to captivate the crypto space, the Worldcoin digital token has been one of the most unpredictable in the cryptocurrency market as of late.

As of today, the trading price of Worldcoin (WLD) has reached $2.43, indicating that the cryptocurrency has made a strong recovery. In comparison to the previous 24 hours, this is a significant gain of 19%, with an impressive 24% rally in the last week, data from crypto price aggregator Coingecko shows.

Worldcoin’s Unpredictable Market Behavior Amid Altman’s Controversy

From a high of $2.50 on November 16, WLD started to weaken as digital asset markets backpedaled the next day, with Altman’s dismissal only making the decline worse. In the hours following his departure, the token dipped to $1.85 according to statistics compiled by CoinGecko.

As artificial intelligence (AI) develops at a rapid pace, Worldcoin is working on a digital identity network that will collect retina scans to verify users’ identities.

The project’s orbs collect users’ retina scans, and in return, they give users WLD tokens as a compensation for giving their biometric data.

Events at OpenAI, which Altman acted as a go-between for Worldcoin and, by extension, WLD, continue to impact WLD price, even though the two projects are unrelated.

With a market value of approximately $280 million, the token holds the 160th position in the crypto market, as reported by CoinGecko on Monday.

The surge in the token’s value is intricately linked to the news surrounding Altman and the uncertainties arising from his removal at OpenAI, according to Richard Galvin, co-founder at Digital Asset Capital Management.

Altman As The Face Of Worldcoin: Impact On Investor Appeal

As events unfolded, the token experienced a rebound, gaining momentum as it became evident that there was no significant negative event fueling the board’s decision.

Digital asset platform VDX’s head of research in Hong Kong, Greta Yuan, predicted that WLD will experience additional volatility in the coming weeks.

Altman is the face of Worldcoin, so depending on how this drama plays out in the next few days, the token may fluctuate, but its appeal to investors will not diminish, Yuan said.

Meanwhile, even though OpenAI’s stock dropped to $2.04 over the weekend after the announcement of Altman’s resignation as chief executive, the company’s efforts to reassign his role as CEO helped propel the stock back up.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Cardano Founder Courts OpenAI’s Sam Altman – What Does He Want To Build?

OpenAI recently announced a shocking leadership change with Sam Altman being ousted as CEO. After five years of being at the helm of taking OpenAI from a $0 to $80 billion valuation, the AI company is now at a crossroads with Altman departing and former Chief Technology Officer (CTO), Mira Murati taking over as interim CEO. 

Altman hasn’t provided specifics of his next actions; however, he has posted on social media that he “will have more to say about what’s next later.” In light of this, Charles Hoskinson, the creator of Cardano, sees a window of opportunity. Hoskinson gave the former CEO a bold proposal on social media platform X to join hands in establishing a decentralized language learning model in partnership with the Cardano blockchain. 

Hoskinson Wants To Build A Decentralized Language Learning Model

Charles Hoskinson has a vision for AI that embraces decentralization and openness. As the founder of Cardano and a former co-founder of Ethereum, Hoskinson knows a thing or two about building decentralized networks. Hoskinson’s vision of a decentralized language learning model is ambitious, but promising. 

On the other end, if there’s anyone who knows anything about language learning models, it is definitely Sam Altman. The former CEO is known for being one of the architects of the language models that power ChatGPT, which has gained widespread adoption since its launch in November 2022.

If Altman takes Hoskinson up on his offer, it could mark a turning point in how AI models like ChatGPT are built and how they serve users. A decentralized LLM would essentially be available to everyone and resistant to censorship, tampering, and monopolization by governments and large corporations, which is one of the concerns being raised regarding existing LLMs. 

Aftermath Of Sam Altman’s Removal As CEO

Altmann’s removal as CEO sent ripples around the AI and crypto industries. Greg Brockman, president and one of the co-founders of OpenAI, also announced his departure from the company. 

As one would expect, WorldCoin reacted negatively to the news. According to data from Coinmarketcap, Worldcoin (WLD) dropped by 12.75% in the hours following the news of the CEO’s removal. However, the crypto has since recovered and is now trading at $2.38. 

According to OpenAI’s announcement, the decision to fire Altman was made by the board of directors, as they’ve lost confidence in his ability to continue his duties as CEO due to his lack of transparency in his communications. However, rumors are that OpenAI investors are looking to reinstate Altmann into his job as CEO.

Cardano ADA is trading at $0.375 at the time of writing. According to a crypto analyst, ADA could spike to the $0.78 mark if it is able to break out of the current falling wedge pattern.

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Worldcoin (WLD) Crashes By 11% As OpenAI Pushes Out Sam Altman

Worldcoin (WLD) experienced a sharp decline in its market price on Saturday after its founder, Sam Altman, was removed as the CEO of popular artificial intelligence company OpenAI. This development follows the heavy regulatory scrutiny on the crypto project due to privacy concerns.

OpenAI Votes Out Sam Altman, Cites Loss Of Confidence

In a shocking development on Friday, OpenAI announced a leadership change, stating that Sam Altman will immediately exit the company as its CEO. 

In this statement, the company expressed its gratitude to Altman for contributing immensely to their development during his four-year tenure as their global leader. 

However, after an intense review process by the board of directors, it was concluded that the Worldcoin founder had not been fully honest in his exchanges with the board, leading to a loss of confidence in his ability to continue his duties as CEO.

Following Altman’s departure, Mira Murati, OpenAI’s chief technology officer, will now act as interim CEO pending the appointment of a permanent successor.

However, as one could expect, Altman’s removal as OpenAI CEO, combined with the scathing statements in the company’s announcement, has created a negative sentiment around the Worldcoin project. 

According to data from CoinMarketCap, WLD is currently down by 12.75% over the last 24 hours. Meanwhile, the token’s daily trading volume has managed to remain afloat with a 15.13% gain.

What Next For Worldcoin? 

Worldcoin was officially launched in July with the goal of creating the largest digital identity and financial network. The project relies on the use of iris-scanning orbs to physically admit new members, prompting concerns about privacy, anonymity, and user data protection.

After Altman’s departure from OpenAI, there are currently speculations on Worldcoin’s future trajectory. Clearly, Worldcoin benefited from Altman’s visibility as OpenAI’s CEO, as reflected in the token’s current downtrend.

Notably, WLD gained by over 25% in October, with many analysts citing anticipation of the OpenAI developer conference in November as the driving force. 

Therefore, the removal of Altman from OpenAI may not bode well for Worldcoin in terms of credibility and public investor sentiments. On the other hand, Worldcoin could soon recover from its market slump and rise to higher heights despite this new challenge. 

Following its public official launch in July, Worldcoin came under much criticism from global regulators who expressed concerns over operations in regard to the collection of data using iris scanning orbs and the potential applications of user data. 

Notably, Worldcoin has been suspended from Kenya, while the governments of the United Kingdom and Germany have opened investigations into the project’s operation. 

However, the crypto project has remained resilient despite these regulatory hurdles, marking a milestone of 4 million app downloads and 1 million monthly active users, as reported earlier in November.

At the time of writing, WLD trades at $1.85, with a 0.86% decline in the last hour. Meanwhile, the token’s market cap stands valued at $211.37 million.

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Worldcoin Meltdown: 50% Crash Caused By Mounting Data Privacy Paranoia

The Worldcoin cryptocurrency project, led by Sam Altman, the brains behind ChatGPT, is facing increased scrutiny from regulators worldwide. The project’s use of eye-ball scanning orbs for user enrollment has raised concerns about potential violations of data protection laws.

The unique method of collecting biometric data without clear consent has prompted discussions on legality and ethics. Regulatory bodies are closely examining the project’s compliance with privacy regulations, highlighting the challenges of balancing innovation with legal and ethical standards.

The value of biometric investments made through Worldcoin’s crypto-based “free money” promise has decreased by half since its launch. This decline can be attributed to the growing concerns about the project’s data collection and the unease it caused regulators.

Why Is Worldcoin Token Crumbling?

Based on information provided by CoinMarketCap, the current trading value of the WLD token stands at $1.28, at the time of writing. This figure signifies a substantial decline of 53% from its initial peak price of $2.71 on the day of the project’s launch.

The day after WLD’s Binance listing, on July 25, it traded for $2.456. As of Friday morning, the token’s price had decreased from that time to $1.317. Given that several altcoins and cryptocurrencies recently had market crashes followed by recoveries within a few weeks, this is a big decrease for a token.

Related Reading: Tron Reverses August Slump As TRX Open Interest Climbs

According to data from CoinGecko, the price of WLD has decreased from slightly under $2.50 at the start of August to roughly $1.31 as of August 25. That represents a 44% decline in the previous 30 days, and if it keeps going in the wrong direction, WLD’s price will go to single digits in the next 30 days.

Ongoing investigations by authorities in various countries around the world have dealt a heavy blow to the price of the WLD token. The project’s goal of establishing decentralized user identities has raised alarm bells because of its eye-ball scanning and biometric data collection. This process potentially breaches national data protection laws, leading to investigations in Germany, France, and the United Kingdom.

The Euphoria Quickly Faded

Worldcoin reported 2 million sign-ups for World ID and distributed 43 WLD tokens during its launch. Altman promoted iris scanning, but the initial excitement waned. Early scanners received 25 WLD valued at $60, now reduced to around $30. Early investors could have lost half their investment, while short sellers profited from Worldcoin’s decline.

Meanwhile, in the last 30 days, WLD’s social volume and social dominance have decreased by a whopping 95% and 74%, respectively, according to on-chain data source Santiment. This denotes a sharp decline in the project’s hype.

Worldcoin’s original white paper outlined its aspiration to participate in global competition, provide funds to those without financial resources, and offer banking services to those currently without access to traditional banking systems.

It appears that ambition will demand more than mere lip service at this point.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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