The potential partnership comes amid increased regulatory scrutiny for both companies.
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 will increase WLD supply by up to 19% in the next 6 months
Worldcoin will be selling up to 1.5 million WLD tokens to select trading firms outside of the United States every week for the next six months.
Worldcoin, Sam Altman’s Crypto Project, Is Building a Layer-2 Chain
The human-focused blockchain network will be based on the OP Stack, a framework for building Ethereum-based layer-2 chains.
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.
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
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.
Featured image from Shutterstock, chart from TradingView.com
AI Crypto Tokens Like Render, WorldCoin Are ‘Overvalued’: Coinbase Research
In their report, “Crypto’s AI Mirage,” Coinbase Research has issued a nuanced examination of the intersection between artificial intelligence (AI) and crypto, revealing a landscape fraught with overvaluation and speculative fervor. David Han, an Institutional Research Analyst at Coinbase, spearheads this analysis, providing a critical lens through which the future of AI crypto tokens is scrutinized.
AI Crypto Tokens Lack ‘Persistent Demand Drivers’
At the heart of the report is the assertion that the crypto-AI domain, despite its rapid expansion and the enthrallment it enjoys from investors and the public alike, confronts substantial obstacles that might thwart its adoption in the foreseeable future. “AI tokens have been buoyed by the broader crypto and AI markets but may lack persistent demand drivers in the short to medium term,” Han states, underscoring the precarious foundation on which these tokens’ valuations might rest.
One of the report’s pivotal insights is the critique of decentralization as a standalone merit for AI products within the crypto sphere. “We generally think that decentralization is an insufficient competitive advantage for an AI product on its own – it must reach feature parity with centralized counterparts in certain other key areas as well,” the report elaborates. This perspective challenges the prevailing narrative that decentralization inherently confers superiority, arguing instead for a balanced approach that considers other critical factors for success.
The analysis further articulates a “contrarian view” on the value potential of many AI tokens, suggesting that the market’s exuberance may be misaligned with the actual prospects of these ventures. “Our view is that the value potential for many AI tokens may be overstated… and that many AI tokens may lack sustainable demand side drivers in the short to medium term,” Han explains. This cautionary stance is informed by the rapid evolution of AI technology, which poses a double-edged sword—while advancing the field, it also raises the barrier for crypto-based innovations to disrupt existing markets.
Delving into the categorization of AI and crypto intersections, the report differentiates between AI applications that enhance the crypto industry and those aimed at disrupting traditional AI pipelines through decentralized methods. It acknowledges the clear benefits and potential for long-term promise in the former category. In contrast, it casts doubt on the latter’s value proposition, highlighting the formidable challenges posed by market competition and regulatory hurdles.
Just Speculative Gambles?
Despite these challenges, the report notes a paradox where AI tokens have outperformed benchmarks such as bitcoin, ether, and even major AI equities like Nvidia and Microsoft since the fourth quarter of 2023. “AI tokens generally benefit from strong associated performance in both the broader crypto market as well as related AI news headlines,” the report observes, suggesting that these tokens can act as proxies for AI progress, albeit potentially detached from their actual utility or adoption metrics.
However, the speculative nature of this market is not lost on Coinbase Research, which warns of the risks associated with memetic speculation absent clear adoption forecasts. “A lack of clear adoption forecasting and metrics have enabled a wide range of memetic speculation which may not be long-term sustainable,” Han remarks, highlighting the precarious balance between price and utility in the AI token market.
In its concluding remarks, the report emphasizes the need for a judicious approach to navigating the crypto-AI landscape. It cautions against overreliance on decentralization as a panacea and advocates for a realistic appraisal of the challenges and opportunities that lie ahead. “Crypto’s role in AI does not exist in a vacuum… Thus, supplanting centralized providers purely for the sake of ‘decentralization’ is insufficient,” the report concludes, advocating for a more nuanced and critical examination of how crypto can genuinely contribute to the AI domain.
Render And WorldCoin Under The Microscope
WorldCoin emerges as a case study in the report, illustrating how AI tokens’ valuations can be significantly influenced by market headlines and promotional activities, often detached from tangible developments within the project itself. “The fully diluted valuation of Worldcoin sits at $80B – similar to that of OpenAI’s $86B February 16 valuation…,” Han notes, pointing to the speculative dynamics that can inflate valuations irrespective of underlying fundamentals.
He details that WorldCoin is perhaps the clearest example of AI tokens tracking AI market headlines. “It released its World ID 2.0 upgrade on December 13, 2023 that went mostly unnoticed, yet made a 50% move upwards following Sam Altman’s promotion of Worldcoin on December 15,” Han remarked, adding that “OpenAI’s Sora release on February 15, 2024 led to a nearly threefold gain in price despite no related announcements on Worldcoin’s Twitter or blog.”
Regarding Render Network (RNDR), Han highlights that the decentralized computing (DeComp) sector of the crypto economy is meant to be an alternative to the centralized cloud computing model. He argues that crypto projects such as Render and Akash have benefited from the GPU supply crunch.
However, he questions the long-term viability:
For networks [like Render and Akash] where compute pricing can change based on supply and demand variations, it is unclear to us where persistent, usage-driven demand to native tokens will ultimately arise if supply-side growth outpaces that on the demand side. We think it’s likely that such tokenomic models may need to be revisited in the future.
At press time, RNDR traded at $9.925.
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.
Featured image from Shutterstock, chart from TradingView.com
Worldcoin’s WLD Slides as Elon Musk Sues OpenAI
WLD is considered a proxy bet on OpenAI, the Sam Altman-owned artificial intelligence company.
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.
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.
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.
Worldcoin Gains 40%, Hits Record High as AI Tokens Surge on Nvidia
The token was up amid broader optimism surrounding AI spilling over into crypto.
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
Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains
Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound.
ETH On The Rise
In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens.
Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC.
Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May.
Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins.
Highlighted Altcoins And Their Catalysts
- BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue.
- BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest.
- STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines.
- SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way.
- MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity.
As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements.
Featured image from Shutterstock, chart from TradingView.com
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.
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.
Featured image from Shutterstock, chart from TradingView.com
Worldcoin’s Rocketing WLD Token Could Benefit Creditors of Three Arrows Capital, FTX
However, WLD prices may run into headwinds as a token unlock worth $165 million is set to begin today, occurring until Feb.26, data from Token Unlocks show.
AI Tokens Rally as OpenAI’s Sora Brings Renewed Hope to the Sector
Sector tokens jumped 7.7% on average in the past 24 hours, CoinGecko data shows, with Ocean Protocol’s OCEAN and Fetch.AI’s FET rising more than 10%.
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
Worldcoin (WLD) Gains By 10% Following Singapore Debut
Worldcoin (WLD), the brainchild of OpenAI CEO Sam Altman, has experienced a significant level of positive traction in the past month. Notably, Worldcoin gained by over 50% in mid-December to attain an all-time high of $4.6. Although the token soon fell from these heights trading at $3.35 on December 25, it appears that WLD may be gathering momentum for another bullish breakout.
Singapore Launch, Among Others Spurs Interest In Worldcoin
According to data from CoinMarketCap, Worldcoin has gained by 9.68% in the last seven days, signifying a steady rise in buying pressure from investors in the WLD market.
Using data from IntoTheBlock, popular crypto analyst Ali Martinez has given more insight into this bullish trend. On December 30, he shared via X that the number of WLD whales in possession of 10,000 to 100,000 WLD rose by 16.33% in the last week. Interestingly, this price increase and network growth occurred a few days after Worldcoin announced its expansion into the crypto-friendly nation of Singapore.
#Worldcoin | The number of #WLD whales holding between 10,000 and 100,000 $WLD has increased by 16.33% over the past week! pic.twitter.com/ps9xzcMtVd
— Ali (@ali_charts) December 30, 2023
In a blog post on December 27, the crypto project stated that it had successfully set up physical screening locations in the Asian nation allowing interested users to undergo the World ID verification process and join its growing network.
Beyond Singapore, Worldcoin also shared that it has registered an increased presence in several nations in the last month. These include Spain, Germany, Chile, and Japan. Notably, in Argentina, the crypto project recorded a national record of over 10,000 World ID verifications in a single day. Apparently, these multiple strides appear to have increased investor confidence in Worldcoin, as indicated in the price action stated above.
WLD Price Prediction
Based on recent developments surrounding Worldcoin, the token seems poised for a major boost in adoption which could translate into a price rise over the next few weeks. Aside from its expansion into new nations, the launch of the World ID 2.0 in mid-December, which introduced integrations with various Apps such as Reddit, Shopify, and Telegram, is also regarded as a positive development by the project’s growing number of users.
Interestingly, Martinez predicts that WLD could soon experience an 80% rally based on chart indicators alone. If this projection proves true, the altcoin could trade as high as $6.30.
However, despite all these indications, it must be noted that Worldcoin remains under heavy regulatory scrutiny in some nations due to privacy concerns in regard to user data.
Worldcoin operations have been actively suspended in Kenya and are under investigation in Germany and the United Kingdom. In fact, the crypto project recently halted its orb verification service in Brazil, France, and India although citing a “limited time access” on the screening orbs provided in these markets.
At the time of writing, WLD trades around $3.73 with a 3.90% gain on the last day. In tandem, The token’s daily trading volume increased by 83.12% and is valued at $197.52 million.
Worldcoin Shows Bullish Breakout, Analyst Predicts 80% Rally
An analyst has explained that Worldcoin is currently showing a breakout from a pattern that could potentially lead to a rally of 80% for WLD.
Worldcoin Appears To Be Showing A Bullish Breakout Currently
In a new post on X, analyst Ali shared a chart for the 4-hour price of Worldcoin, which shows the formation of a bull flag for the cryptocurrency. A “bull flag” is a continuation pattern in technical analysis that, as its name suggests, looks like a flag on a pole.
Bull flags form when a rapid uptrend in the price slows down and reverses in the opposite direction while consolidating inside a specific channel. The preceding uptrend forms the “pole,” while the channel shapes up the “flag.”
There are also bear flags, which form during periods of downtrend instead. The downward trajectory naturally forms the pole in this case and the flag corresponds to the consolidation towards a slight upside.
In the context of the current discussion, the normal bull flag isn’t of interest, but rather a variant often called a “pennant” is. The usual bull flag forms when the consolidation happens between two parallel levels, while a pennant observes the asset moving between converging lines.
Here is the chart posted by the analyst that reveals this pattern recently forming in the 4-hour price of Worldcoin:
In this pattern, the top line is created by joining together lower highs, while the bottom line connects lower lows. Typically, the asset is probable to feel resistance at the upper level, while the lower level could act as support.
A break beyond either of these lines can signal the continuation of the trend. From the chart, it’s visible that the 4-hour Worldcoin price had been consolidating inside the pennant channel just recently, but has now seen a break, as its price is surging above the upper level.
Such a bullish breakout has generally led to strong uptrends in the past, with the length of the resulting uptrend often being comparable to the pole of the pattern.
The break has only just started to form, though, so a more sustained uptrend will have to be seen first to see if the pattern has truly taken place. “If confirmed, this could pave the way for WLD to enter an 80% rally, targeting $6.30,” says Ali.
WLD Price
Worldcoin had broken off toward the $4 level earlier in the past day, but the asset has quickly cooled off as it has already receded to the $3.7 mark. The below chart shows how WLD has performed during the last few days.
Had this pullback not taken place, the bullish breakout may well have been confirmed. The coin would have to show some fresh momentum again now if the pattern has to complete.
Crypto Biz: Worldcoin expands, Saudi Aramco considers digital assets, and more
Traditional financial firms are increasingly connecting services, portfolios and operations with digital assets.
