Worldcoin Turns Red: WLD Price Falls 18% as Money Shifts to Competing AI Project
Worldcoin ($WLD), the blockchain project helmed by OpenAI’s Sam Altman, has fallen nearly 20% in the last two weeks and 6.4% overnight despite other leading cryptocurrencies posting green candles.
The WLD token currently trades for $4.83.
That’s 59% short of its all-time high (ATH) of $11.74, posted on March 10 this year just as the entire market was rallying in line with Bitcoin, which posted its own ATH of $73,737.94 four days later.
Since then, fortune hasn’t favored Worldcoin. The token tumbled down to lows of $4, where it has found consistent support but it has faced strong resistance on the way to the $7 mark.
WLD’s Relative Strength Index (RSI) is 37 which indicates some recent selling has contributed to the downturn.
In the short-term, there is still some space for further losses, but the bulk of the downward price pressure should be relieved by tomorrow.
Worldcoin was a controversial launch last year due to its premise: anyone wanting some $WLD has to visit a biometric eyeball scanner called the ”Orb” and submit a snapshot of their eyeballs.
They’re found in Berlin, Dubai, London, Mexico City, Miami, New York City, San Francisco, Seoul, and Tokyo.
This data is then used alongside verification of government-issued ID to confirm a user’s personhood before distributing coins to them.
OpenAI says Worldcoin is building blockchain infrastructure to bank the world’s unbanked, enabling everyone “to broadly share the coming technological prosperity ” according to its website. “Privacy first. Owned by everyone.” reads the slogan.
But many are skeptical, including Ethereum creator Vitalik Buterin who wrote a blog post listing his concerns of the protocol’s privacy, accessibility, centralization and security and said it could take
Read more on cryptonews.com
