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No Ties To OpenAI: Worldcoin Drops 9% As Top Trader Issues Warning

Worldcoin (WLD) has seen its value plummet by nearly 9% in just 24 hours, with the price settling at around $5.20. This decline aligns with a critical analysis issued by DeFi^2 (@DefiSquared), the current top trader on the crypt exchange Bybit, who has raised concerns about the potential for substantial inflationary pressures and misleading marketing associated with Worldcoin.

Notably, the WLD plunge comes just after OpenAI, the creator of ChatGPT, announced on Monday its plans to unveil a cutting-edge AI model named GPT-4o. This advanced model boasts the ability to engage in lifelike voice conversations and seamlessly interact across text and images. Worldcoin is usually a beneficiary of OpenAI announcements, but this time WLD price plunged.

Why Worldcoin Is Plummeting

In his analysis shared on X, DeFi^2 expounded on the mechanics behind the rapid devaluation of Worldcoin, emphasizing that the token is suffering from significant daily depreciation due to both emissions and strategic sales maneuvers by the Worldcoin Foundation.

Specifically, the token’s value is deteriorating at a rate of 0.6% each day, driven by the emissions related to grant and operator claims. These tokens, as per DeFi^2’s observation of on-chain analytics, are predominantly sold off almost immediately upon issuance, adding to the downward pressure on Worldcoin’s price.

Adding to the supply concerns, the Worldcoin Foundation recently declared its intention to offload $200 million worth of Worldcoin to trading firms. This move will effectively increase the circulating supply by an additional 18%. DeFi^2 criticized this decision, pointing out that the tokens, misleadingly attributed to a “Community” allocation, are being sold at a discount to entities that may not prioritize the broader community’s interests, potentially diluting the value for existing holders.

The most critical issue highlighted by DeFi^2, however, pertains to the near future, when unlocks for venture capital and team-related tokens are set to begin. He forecasts that in just 70 days, the supply of Worldcoin will start to inflate at an alarming rate of 4% per day due to these unlocks combined with ongoing emissions. This scenario could unleash nearly $50 million worth of sell pressure daily, profoundly impacting the token’s market price and stability.

DeFi^2’s analysis did not shy away from addressing the perceived misconceptions surrounding Worldcoin’s affiliation with notable tech personalities and organizations. He clarified that Sam Altman, known for his role with OpenAI, has no active involvement with Worldcoin, which operates as a completely separate entity. This point addresses a common misconception that potentially misled investors about the nature and backing of the token.

Moreover, DeFi^2 drew parallels between Worldcoin’s tokenomics and what he describes as “predatory” economic models that are engineered to disproportionately benefit early investors and insiders at the expense of general retail investors. He noted that similar strategies had been used in the past in the crypto industry, where the manipulation of token supply and market conditions facilitated significant gains for insiders while leaving regular investors exposed to heightened risks and losses.

“Worldcoin realistically might become the greatest transfer of wealth of this entire cycle. Unfortunately, this wealth transfer isn’t in the form of universal basic income as their mission suggests, but instead to the pockets of the team and insiders,” DeFi^2 stated. He added that “the manipulative low float / high FDV design is straight out of the SBF playbook, and directly enriches insiders as they hedge their locked allocations at high valuations pre-unlock via perps / OTC; yet retail somehow sadly still think they’re beating the system trying to push the price up.”

As the crypto community digests DeFi^2’s stark warnings, the immediate reaction has been a surge in trading activity to $666 million (up 104% in the last 24 hours), with investors and speculators likely reassessing their positions in Worldcoin in light of these revelations. At press time, WLD traded at $5.24.

Worldcoin price

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Brace For Impact: Worldcoin Team Plans To Sell 1.5 Million WLD Tokens Every Week For 6 Months

Worldcoin (WLD) could be the victim of a significant downtrend in the coming weeks. The team plans to sell as many as 1.5 million WLD tokens over the next six months, which could bring about massive selling pressure and affect the token’s price. 

Details About The Proposed WLD Token Sale

Worldcoin revealed in a blog post that World Assets (a subsidiary of the Worldcoin Foundation) will sell between 500,000 and 1.5 million Worldcoin tokens weekly to a group of institutional trading firms outside the United States. This token sale will be done through private placements and is expected to last up to six months. 

Therefore, as many as 36 million WLD tokens could be sold under this arrangement. Interestingly, these tokens do not form part of the current circulating supply, as Worldcoin stated that “the circulating supply of WLD will thus increase correspondingly” as the token sales progress. That means Worldcoin’s circulating supply could see an 18.6% increase to over 229 million WLD tokens once the private sale is done. 

This development is undoubtedly a cause for concern for WLD holders, given the impact it could have on the crypto token’s price action. However, Worldcoin tried to downplay the effect of this token sale, noting that a weekly sale of between 500,000 and 1.5 million WLD tokens represents “less than 0.1% to 0.4% of the current weekly trading volume.

Meanwhile, World Assets “may seek to include a 40-day lock-up period restricting the resale of WLD by trading firms,” Worldcoin remarked. This could also help reduce the high volatility that could arise from an immediate sell-off by these trading firms. 

The Worldcoin Ecosystem

WLD is the native token of Worldcoin, a project that focuses on the digital verification of humans. Users in the Worldcoin ecosystem get verified through a device called the “Orb.” Since launching last year, the project, co-founded by Open AI’s CEO Sam Altman, has drawn criticism, with many, including Ethereum’s co-founder Vitalik Buterin, raising privacy and legal concerns. 

Authorities in different countries have investigated the project as they believe its data collection method may have breached certain privacy laws. NewsBTC also recently reported that Worldcoin faces a potential fine of $1.2 million in Argentina for violating the country’s National Consumer Protection Law.

Despite the regulatory scrutiny, the team is still looking to expand. In the blog post, they hinted that the proceeds from this token sale will be directed towards meeting the “increasing demand for orb-verified World IDs around the world.”

At the time of writing, Worldcoin is trading at around $5.4, down over 6% in the last 24 hours, according to data from CoinMarketCap. 

Worldcoin price chart from Tradingview.com (WLD)

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Worldcoin Faces $1.2 Million Fine In Argentina For Law Violations; WLD’s Price Reacts

In recent months, Sam Altman’s open-source protocol Worldcoin (WLD) has faced increasing legal challenges as Portugal and Spain cracked down on its biometric data collection practices. Argentina has joined the list, issuing an indictment against Worldcoin after detecting allegedly abusive clauses in user contracts. 

Worldcoin Faces Legal Scrutiny In Buenos Aires

Buenos Aires authorities have identified discrepancies between Worldcoin’s reported data handling practices and findings from provincial inspections, raising concerns about the storage and deletion of biometric data and potential infringements on user rights.

The Ministry of Production, Science, and Technological Innovation of the province of Buenos Aires ordered the indictment of Worldcoin following an investigation by the Provincial Directorate for the Defense of Consumer Rights. 

The investigation revealed the inclusion of “abusive clauses” in the company’s accession contracts, which were allegedly in violation of the National Consumer Protection Law.

Undersecretary Ariel Aguilar, responsible for Commercial Development and Promotion of Investments in the province, expressed concerns about the lack of transparency surrounding Worldcoin’s data processing procedures. 

Aguilar questioned whether biometric data was being stored or immediately deleted, the existence of databases storing personal data of Argentine users, and the complexity of the contracts and operation of the entire system.

The province’s inspections uncovered multiple violations in the adhesion contracts, including the “Terms and Conditions of Use,” “Privacy Notice,” and “Data Consent Form.” 

Notably, the company failed to display signs indicating the minimum age requirement of 18 for accessing the service, potentially leading to the scanning of the personal data of minors.

Contradictions In Worldcoin’s Handling Of Biometric Data

Contradictions were also found between the company’s reported use, protection, and storage of biometric data collected from the faces and eyes of Argentine users. It appears that this private information is being stored in Brazil. 

Additionally, abusive clauses were identified that allowed the company to interrupt the service without providing any repair or refund. 

The contracts also allegedly forced users to waive collective redress claims and subjected them to foreign laws, specifically those of the Cayman Islands, with disputes to be resolved by arbitration in California, United States, violating Argentina’s Civil and Commercial Code. Worldcoin now faces potential fines of up to 1 billion pesos or $1.2 million. 

The company had been operating in various cities in Buenos Aires. Worldcoin collected personal biometric data, such as iris and facial scans, in these locations through its Orb technology device.

In exchange, users were offered the World App financial application on their phones and received cryptocurrency from Worldcoin’s native token, WLD.

Unexpected Upswing

Despite facing increasing legal scrutiny in recent months, including the latest development in Argentina, the token associated with the Worldcoin protocol, WLD, has experienced an unexpected surge of 2.6% within the past 24 hours, currently trading at $4.80.

However, when examining key metrics, it becomes evident that the overall market correction has impacted WLD. CoinGecko data reveals that WLD’s trading volume in the last 24 hours amounts to $319,113,250, indicating a decrease of 7.10% compared to the previous day. 

Additionally, WLD has witnessed a significant decline of over 58% from its all-time high of $11.74, reached on March 10.

Worldcoin

Moreover, the token’s market capitalization has experienced a notable decrease. Since its peak of $1.4 billion recorded on March 17, the market cap has fallen below the billion-dollar level, currently standing at $920 million as of the time of writing.

Featured image from Shutterstock, chart from TradingView.com

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Worldcoin (WLD) 12% Rally Hits A Snag: Portugal Demands Halt To Biometric Data Collection

In a recent development, Portugal’s data regulator, the National Commission for the Protection of Data, also known as the CNPD, has issued an order to stop Sam Altman’s iris scanning project, Worldcoin, from collecting biometric data for 90 days. 

Worldcoin’s Compliance Under Fire

According to a Reuters report, the CNPD’s suspension specifically targets the Worldcoin Foundation, a memberless entity based in the Cayman Islands, described on its website as the sole member and director of World Assets Ltd, a company registered in the British Virgin Islands responsible for issuing Worldcoin tokens to sign-up participants.

The CNPD cited an alleged “high risk” to citizens’ data protection rights as the main reason for its urgent intervention. The regulator expressed concerns about the “unauthorized” collection of data from minors, the lack of information provided to data subjects, and the inability to delete data or withdraw consent. 

The halt order also noted that over 300,000 individuals in Portugal had provided their biometric data to Worldcoin, leading to numerous complaints being lodged with the CNPD.

Jannick Preiwisch, the data protection officer at the Worldcoin Foundation, responded to the CNPD’s order by stating that Worldcoin is “fully compliant” with all laws and regulations about biometric data collection and transfer. Preiwisch emphasized the company’s zero-tolerance policy for underage sign-ups and its commitment to addressing any reported incidents.

Worldcoin has recently transitioned to “Personal Custody,” aiming to give users control over their data, including options for deletion and future use. The CNPD’s order to stop data collection is considered temporary, allowing for additional due diligence and analysis of complaints during the ongoing investigation.

Privacy Storm Engulfs Worldcoin

The Regulatory scrutiny of Worldcoin extends beyond Portugal. As NewsBTC reported, Spain’s data protection watchdog issued a three-month ban earlier this month in response to privacy complaints, and Kenya suspended Worldcoin’s operations in August 2023. 

Moreover, the Bavarian State Regulatory Authority, acting as the lead authority in southeastern Germany, is currently investigating Worldcoin under European Union data protection rules due to the presence of a German subsidiary owned by Tools For Humanity, the company behind Worldcoin.

As the investigation into Worldcoin’s data collection practices continues, the project faces significant challenges in addressing regulatory concerns and maintaining public trust in its ambitious vision. According to its website, the project claims to have garnered over 4.5 million sign-ups from individuals in 120 countries.

Regulatory Hurdles Fail To Dampen WLD’s Performance

Despite the recent regulatory challenges faced by Worldcoin, the decentralized cryptocurrency has managed to maintain its gains of 12% over the past seven days. After reaching an all-time high (ATH) of $11.95 on March 10, the project’s native token, WLD, experienced a sharp drop to $7.24 but has since recovered.

Currently trading at $9.01, WLD has capitalized on the overall market rebound and its seven-day uptrend, surging by almost 9% in the past 24 hours. 

The trading volume for WLD in the last 24 hours is $416,136,329, indicating a significant 65.10% increase compared to the previous day, suggesting renewed interest in the token.

Looking ahead, the $9.5 level is expected to provide the nearest resistance for the WLD token, followed by the $10.14 mark, should the rally continue. On the downside, the $8.36 level is the closest support on the daily chart. 

In a potential downtrend, failure to hold this support level could decline toward the $8 mark, with the next significant resistance at $7.93.

Worldcoin

Featured image from Shutterstock, chart from TradingView.com

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Spain Blocks Worldcoin Project Over Data Privacy Concerns, WLD Token Slides 7%

The cryptocurrency project Worldcoin, spearheaded by Sam Altman, has faced another setback as Spain takes steps to block the venture. The Spanish data protection regulator, AEPD, has ordered Worldcoin to immediately halt the collection of personal information within the country and cease using the data it has already gathered. 

Concerns Over Worldcoin Eyeball-Scanning Data Collection

According to a Financial Times report, the AEPD expressed concerns about the project’s use of an eyeball-scanning “orb” to collect customers’ data. The regulator is expected to announce a “precautionary measure” on Wednesday, and Worldcoin has been given 72 hours to demonstrate compliance with the order.

Worldcoin, co-founded by Altman in 2019, has offered its cryptocurrency tokens to individuals worldwide in exchange for consent to scan their eyes with an orb. The scans serve as a means of identification, aiming to establish a reliable mechanism to distinguish between humans and machines as artificial intelligence advances. 

However, the Spanish regulator’s action adds to a series of setbacks faced by Altman and his co-founders, Max Novendstern and Alex Blania, who have encountered resistance in various countries.

Last year, Worldcoin faced opposition from authorities in Kenya, resulting in an order to cease operations. Additionally, the project refrained from launching its crypto tokens in the United States due to the country’s stringent regulations on digital assets. 

The report further notes that major global markets such as China and India have also not made the Worldcoin token available. The UK’s Information Commissioner’s Office had also expressed intentions to investigate Worldcoin.

Consumer Complaints In Spain

While some jurisdictions have questioned the viability of Worldcoin’s cryptocurrency token, Spain’s recent action specifically targets the project’s core objective of establishing a method to verify customers’ “personhood.” Altman acknowledged the possibility of Worldcoin existing without its in-house cryptocurrency, as the start-up faces growing scrutiny.

Worldcoin has reportedly registered approximately 4 million users, and investments totaling around $250 million have come from venture capital firms such as Andreessen Horowitz and Khosla Ventures and prominent individuals like Reid Hoffman and Sam Bankman-Fried. 

The project gained media attention and sparked consumer complaints in Spain, particularly as queues formed at shopping center stands where Worldcoin offered cryptocurrency in exchange for eye scans.

In January, the data protection watchdog in Spain’s Basque Country, known as AVPD, warned about the eye-scanning technology used by Worldcoin in a mall in Bilbao. 

The AVPD deemed it subject to biometric data protection rules and called for a risk assessment. As a result of Spain’s regulatory action, the native token of Worldcoin, WLD, has experienced a 7% decline within the past 24 hours.

WLD Halts 200% Price Surge 

Worldcoin’s native token, WLD, has halted its 200% upward trend over the past 30 days as the focus shifts to Bitcoin (BTC), which recently achieved a new all-time high (ATH) on Tuesday. Despite the significant uptrend in the past month, WLD has experienced a 5.8% price correction in the last seven days.

Furthermore, the token’s market capitalization has slipped below the $1 billion mark and currently stands at $997 million. However, the advancements in artificial intelligence (AI) technology developed by Sam Altman’s projects hold the potential to influence the token’s price in the future significantly. 

Despite being down by 26% from its ATH of $9.44, the ongoing technological advancements in this field indicate that the token’s prospects remain promising.

Moving forward, it remains to be seen how the project’s founders will respond to the regulatory measures taken in Spain and how these actions will ultimately impact the token’s future price trajectory.

Worldcoin

Featured image from Shutterstock, chart from TradingView.com

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Will Worldcoin End In “Tears”? This Analyst Thinks So

One analyst on X is concerned about the long-term sustainability of Worldcoin (WLD), a project aiming to build a universal digital identity system. While acknowledging the project’s innovative approach and recent upswing that has seen WLD more than 4X, the analyst thinks “Worldcoin will end in tears.”

FDV Versus Market Cap Soars Doubt: A Massive Price Dump Incoming?

In a post, the analyst points to a significant discrepancy between Worldcoin’s fully diluted valuation (FDV) of $82.1 billion and its current market capitalization of around $1.1 billion, as seen from CoinMarketCap. To compare, Ethereum (ETH), the most valuable altcoin, has an FDV of $369 billion, slightly less than the current market cap of around $362.1 billion.

Worldcoin FDV versus market cap | Source: CoinMarketCap

The FDV shows the hypothetical market cap if all coins or tokens were in circulation. On the other hand, the market cap shows the total valuation of coins in circulation.

Typically, the higher the FDV, the higher the chance of the coins in circulation being diluted when locked assets are released. Prices will likely take a hit with the deluge of coins hitting the secondary markets. The sell-off would especially be intense if demand doesn’t increase proportionally.

In Worldcoin’s case, the massive difference between FDV and the current market cap portends possible price dumps should a considerable chunk of WLD be released. And this will likely be the case, especially in light of what’s expected in the coming weeks.

A breakdown of its tokenomics shows that besides coins airdropped to users, a big chunk was allocated to venture capital firms and individuals like Alameda Research and Three Arrows Capital (3AC). Token Unlocks data show that more WLD will be unlocked in less than five months. The release, observers note, could heap pressure on the coin, possibly pushing it lower from the current valuation.

WLD release schedule | Source: Token Unlocks

Worldcoin Is Expanding, Will WLD Bulls Succeed?

Worldcoin plans to release a universal digital identity system. This solution will run on the blockchain and, to a small degree, rely on artificial intelligence (AI). Although the project faced regulatory challenges in multiple countries, including Kenya, Worldcoin recently expanded into Singapore. 

Even so, the analyst is concerned that the lack of demand-side drivers, specifically adoption, could slow down the uptrend. WLD is in a sharp uptrend, looking at the development in the daily chart.

WLD price trending upward on the daily chart | Source: WLDUSDT on Binance, TradingView

If the coin stays above $6, WLD could soar in the coming sessions.

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Worldcoin (WLD) Just Added 170% To Its Value – What’s Going On?

Worldcoin (WLD), a blockchain-based project fueled by biometric verification, has ignited a firestorm of investor interest, skyrocketing 170% in the past week to reach a record high of $7.48. This meteoric rise stands out against a backdrop of sluggish performance in many other altcoins, prompting questions about the driving forces behind this surge and its potential for longevity.

Worldcoin: Bullish Metrics And AI Hype Fuel The Flames

Several factors appear to be stoking the flames of Worldcoin’s current momentum. Trading volume has soared an impressive 44% to nearly $840 million, propelling the token into the top 10 by volume despite languishing at 91st place in market capitalization. This hyperactive trading suggests strong investor interest and hints at further growth potential.

Adding to the excitement, Worldcoin boasts over 1 million daily active users on its World App, signifying significant adoption. Moreover, the project basks in the reflected glory of its association with OpenAI, the renowned artificial intelligence (AI) research lab co-founded by Worldcoin’s creator, Sam Altman.

The recent release of OpenAI’s cutting-edge text-to-video generator, dubbed Sora, has generated a wave of positive sentiment towards Worldcoin, potentially spilling over to boost its token price.

Privacy Concerns Cloud The Horizon

However, Worldcoin’s path to success is not paved in gold. Regulatory scrutiny looms large, casting a shadow over its iris-scanning verification method and potential privacy violations. European countries, Argentina, Kenya, and Hong Kong have expressed concerns about this technology, raising the specter of regulatory roadblocks that could hinder future adoption and derail the project’s long-term goals.

Alameda’s Shadow Adds A Layer Of Uncertainty

Another layer of uncertainty comes from Alameda Research, a major cryptocurrency investment firm. Alameda currently holds a significant portion of WLD tokens, valued at a staggering $186 million, representing a whopping 33% of its portfolio.

While this investment signifies potential confidence in Worldcoin, Alameda’s recent history of liquidating holdings in other cryptocurrencies casts doubt on their future plans with WLD. Their intentions remain shrouded in secrecy, adding a layer of speculation to the current price rally.

Can Worldcoin Overcome The Hurdles?

Only time will tell whether Worldcoin can overcome these challenges and navigate the treacherous waters of the crypto market. While the project boasts impressive user numbers and an exciting association with OpenAI, regulatory concerns and questions about Alameda’s motives pose significant risks.

Investors should carefully consider these factors and conduct their own research before placing bets on Worldcoin’s future. The coming months will be crucial for the project, as it navigates regulatory scrutiny, addresses privacy concerns, and clarifies the intentions of its major investors. Whether Worldcoin will emerge as a true innovator or fade into obscurity remains to be seen.

Featured image from iStock, chart from TradingView

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Alameda Research’s Worldcoin Investment Hits All-Time High, Exceeding $50M As WLD Price Climbs

Worldcoin, the digital identity token ERC-20 project on the Ethereum (ETH) blockchain, has garnered significant attention. Its native token, WLD, emerges as the top performer among the top 100 cryptocurrencies by market capitalization. 

The token has experienced a remarkable 31% uptrend in just 24 hours and a staggering 217% surge over the past fourteen days. This surge not only marks a new all-time high for WLD but also positively impacts Alameda Research, the now-bankrupt trading arm of the defunct FTX exchange, which holds a substantial stake in Worldcoin.

Alameda Research’s Stake In Worldcoin Reaches $186 Million

According to on-chain data, Alameda Research, a cryptocurrency trading firm co-founded by Sam Bankman-Fried and Tara Mac Aulay in 2017, has witnessed a surge in its Worldcoin holdings. 

As WLD reached a new all-time high of $7.9788 on Monday, the trading firm’s investment in the project surged by $50 million, reaching a new record. Currently, Alameda Research holds 25 million WLD tokens, valued at $186 million, representing 33% of their total portfolio. 

Worldcoin

This portfolio also includes other digital assets such as Bitcoin (BTC), BitDAO (BIT), Ethereum (ETH), Stargate Finance (STG), and the FTX token FTT.

Whale Activity And AI Hype Drive WLD’s Price Surge

Analysts such as Zameer Attar attribute the WLD price spike to strong whale activity, with one notable whale wallet withdrawing 2.09 million WLD tokens ($5.82 million) from Binance.

This withdrawal caused a 25% surge in the price of Worldcoin, resulting in the whale’s holdings reaching an impressive $8.03 million. Additionally, the launch of OpenAI Sora by Sam Altman, one of the founders of Worldcoin, has triggered bullish action in WLD tokens. 

Interestingly, Sora can create videos of up to 60 seconds with highly detailed scenes, complex camera movements, and multiple characters with emotions, which surrounding the hype of artificial intelligence (AI) has spurred investor interest, leading to more bullish sentiment surrounding WLD.

Worldcoin, founded by Sam Altman, Alex Blania, and Max Novendstern, aims to revolutionize the global identity and financial network by creating a public utility known as World ID. 

This privacy-preserving identity network enables users to verify their humanness online while maintaining their privacy through zero-knowledge proofs. The project has garnered significant funding, raising over $250 million across various funding rounds from investors, including a16z, Khosla Ventures, Bain Capital Crypto, Blockchain Capital, and Tiger Global.

The combination of whale activity and positive market sentiment surrounding AI technologies has contributed to the considerable surge in Worldcoin’s price.

Worldcoin

Featured image from Shutterstock, chart from TradingView.com 

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Worldcoin Gains Over 80% In profits On The Back Of A Solid 106% Rally – Details

Worldcoin, the ambitious project aiming to establish a universal digital identity through iris scanning, has grabbed headlines once again. This time, it’s not for its controversial practices, but for an 80% price surge in its native token, WLD, within a week. However, digging deeper reveals a multifaceted story marked by triumphs, challenges, and lingering concerns.

Soaring App Usage Drives Growth

On the positive side, Worldcoin boasts significant milestones. Its World App, launched in May 2023, has witnessed a surge in users, registering a record 16,000 daily Orb verifications – their unique eye-scanning tool.

This indicates growing interest in their core proposition: providing a decentralized identity solution accessible to everyone. Additionally, Worldcoin secured $115 million in a Series C funding round, demonstrating investor confidence despite past controversies.

But the recent spike in WLD’s price also brings with it a warning. The parabolic rise in the price of Worldcoin (WLD) is one of the latest milestones that the Altman-led company has experienced.

At the time of writing, WLD was trading at $5.27, up 20% in the last 24 hours, and tallying a solid 106% rally in the last seven days, data from Coingecko shows. Notably, Worldcoin, within the last week, recorded more than 80% in profits.

Worldcoin: Big Whale Moves 

In the meantime, big transactions that have added millions to the revenues of an unknown whale wallet in a matter of days have brought it to light. With the digital asset market a flurry of activity, people are paying close attention to and analyzing the emergence of WLD and its ramifications.

The crypto market had a notable disruption when a well-known Worldcoin whale wallet, known as “0x0007”, executed an incredible maneuver. Leading on-chain data tracking tool Spot On Chain disclosed that the whale took out an astounding 2.09 million WLD tokens from Binance, valued at $5.82 million.

The whale now owns an astounding $8.03 million in assets, having gained $2.15 million due to the recent spike in the price of WLD.

It’s important to note that attributing the price surge solely to this single wallet’s activity is impossible without further information and expert analysis. However, its presence highlights the broader issue of market concentration and its potential impact on price stability.

Moving forward, transparency from Worldcoin regarding large token holders and their intentions, alongside robust regulations to mitigate manipulation risks, will be crucial to ensuring a healthy and sustainable ecosystem for WLD and the wider cryptocurrency market.

Navigating Regulatory Headwinds And Privacy Concerns

However, Worldcoin’s journey is not without hurdles. The company faced pushback in several countries, including France, India, and Brazil, where they had to halt iris scanning due to privacy concerns. These controversies raised questions about the ethical implications of collecting biometric data and its potential misuse. Additionally, their initial promise of offering free cryptocurrency in exchange for scans drew criticism for potentially exploiting vulnerable populations in developing countries.

Moving Forward: Transparency And Community Dialogue Hold The Key

Worldcoin’s future trajectory hinges on its ability to navigate these complexities. Addressing privacy concerns with robust data security measures and clear opt-in processes is crucial. Transparency about project goals, tokenomics, and potential risks is essential for building trust within the wider community. Open dialogue with regulators and users will be key to securing social acceptance and navigating the legal landscape.

While Worldcoin’s recent successes are noteworthy, they are accompanied by significant challenges and ethical considerations. Only through addressing these concerns and fostering open communication can Worldcoin hope to achieve its ambitious vision of a universal digital identity solution in a responsible and sustainable manner.

Featured image from Adobe Stock, chart from TradingView

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Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover?

Worldcoin, the brainchild of OpenAI’s Sam Altman, made its official entrance into the world of cryptocurrencies in July. At first, things went smoothly as the euphoria from the launch grew. But this would only be short-lived because regulators began to pay close attention to Worldcoin’s data collection activities. In the last couple of weeks, regulators in various jurisdictions have brought Worldcoin under a microscope, significantly impacting the price of its native token, WLD.

Regulatory Concerns Engulfs Worldcoin

Not too long after its launch, Ethereum founder Vitalik Buterin first raised alarm about Worldcoin’s technology. According to Buterin, there were major privacy and security concerns, highlighting that user data collected using Worldcoin’s orbs could be prone to abuse.

Following this, reports emerged of some people getting less technologically savvy residents to scan their iris at Kenyan orb locations and then paying them one-third of the 25 WLD token rewards for doing so. In light of this, the Kenyan government launched a crackdown on the firm, leading to a temporary pause of its activities in the country.

Worldcoin’s problems didn’t end there as Germany’s Bavarian State Office for Data Protection Supervision (BayLDA) also launched an investigation. The regulator’s concern centered on Worldcoin’s data processing practices and how it was transferring information.

Most recently, the company has come under fire in Argentina where regulators are currently investigating its operations in the country. This is in addition to regulators in the United Kingdom and France also questioning Worldcoin’s data handling practices.

Can WLD Price Recover From This?

In light of the increased regulatory scrutiny around Worldcoin, its native WLD token has naturally suffered. WLD’s price has been on a consistent decline following its initial price pump on launch day, falling double-digits in the last few weeks.

With so many investigations into the activities of the company, it is likely that this downtrend will continue. And if lawsuits were to result from these investigations, then WLD price could suffer the same fate as XRP following the SEC lawsuit back in 2020.

Interestingly, the daily trading volume of WLD is up 44% in the last day. This signals growing interest in the coin which could lead to a price recovery. But such a recovery would only be short-lived as long as the uncertainties surrounding Worldcoin remain.

Over the last 24 hours, the price of WLD has fallen 6.79% to trade at 1.7 at the time of this writing. It is recording losses of 25.64% on the weekly chart, but meager gains of 1.72% on the 30-day chart.

Worldcoin (WLD) price chart from Tradingview.com