Worldcoin price Archives

24th April 2024

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)

17th April 2024

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

26th March 2024

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

7th March 2024

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

26th February 2024

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.

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

20th February 2024

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

21st November 2023

Did The OpenAI and Microsoft Saga Just Trigger Massive Interest in AI Tokens?

The recent saga surrounding OpenAI and its co-founder Sam Altman has sparked a surge of interest in AI tokens, with total weekly trade volume surpassing $2 billion for the first time since March, fresh data from Kaiko, a blockchain analytics platform, shows.

According to statistics, WLD, the native token on Worldcoin, a project co-founded by Altman, and other tokens, including FET, the primary coin behind the AI-reliant blockchain, Fetch.ai, appear to be primary gainers. Even so, WLD prices remain below November 2023 lows when writing.

Trading volume of AI tokens | Source: Kaiko on X

WLD Remains Volatile

Even so, looking at market data, the spike in crypto AI trading volume seems driven mainly by WLD activity. Looking at the project’s share, trading volume comprises over 33% of all related crypto AI trading volume.

While there is a noticeable spike in activity, it remains below the all-time high of above $4 billion in Q1 2023. Then, traders and investors were keen on AGIX, the SingularityNET token. However, over the months, Worldcoin has since taken over as investor interest shifted to WLD, evidenced by the gradual rise of trading volume.

Looking at WLD price action over the past three days, prices have been volatile, though trading volume has been mostly up from November 13. Following news of Altman’s removal as CEO of OpenAI, prices fell before slightly expanding with news of negotiations to return to the role, followed by his appointment to lead Microsoft’s AI team.

All these events have contributed to the market’s heightened interest in WLD. Accordingly, trading volume across the broader crypto AI scene stands above the $2 billion level for the first time since March.

The Sam Altman And OpenAI Drama Turns Attention To Worldcoin

Though there is no direct connection between OpenAI and Worldcoin, crypto participants focus on events at OpenAI and how the board handled Altman as a factor catalyzing WLD’s activity.

The general lack of clarity on why the board ousted Altman as CEO worsens the situation, sparking speculation that this could also impact WLD’s prices and how Worldcoin is governed, considering the former CEO is also behind the crypto AI project.

Looking at the co-founder’s previous role as the team leading Worldcoin’s developments, Altman also holds significant sway, contributing to discussions on how the government should regulate AI at the end of the day.

Altman’s influential role has impacted Worldcoin and its prices since the blockchain project aims to create a global identity system. Worldcoin’s operations would rely on AI, including fraud prevention, data analysis, verification, and more.