Sam Altman, the founder of OpenAI, recently launched his blockchain project, Worldcoin ($WLD), and introduced its own blockchain called World Chain. Despite this announcement, the token’s performance has not seen much impact. Currently, Worldcoin has experienced a 3% drop in the last 24 hours, trading at $2.33. Over the past week, the token has only risen by 0.8%, indicating a lackluster response to the recent news. In contrast, Bitcoin ($BTC), the market leader, has remained relatively stable in the last 24 hours, with a 5.3% increase over the past week, trading at $68,194.
Worldcoin aims to bank the world’s unbanked population, with users required to visit a biometric eyeball scanner called the “Orb” and submit a snapshot of their eyeballs to obtain $WLD tokens. The protocol verifies the user’s personhood by using the collected data along with government-issued ID verification before distributing coins to them. However, concerns have been raised by industry figures, including Ethereum creator Vitalik Buterin, who outlined concerns about the protocol’s privacy, accessibility, centralization, and security, stating that it could take years for it to be effective. Lawmakers in Mexico, Malaysia, and Argentina have expressed similar concerns.
With the launch of World Chain, Worldcoin’s 15 million verified users have now migrated to the new chain. The Proof-of-Personhood protocol implemented by Worldcoin aims to create a blockchain where transactions are conducted by humans, enhancing chain security compared to transactions conducted by bots. The price chart shows that Worldcoin has risen nearly 50% in the past month alone and is now approaching a $3 resistance level set earlier in the summer. The falling relative strength index suggests that the coin may be oversold by the weekend, which could stabilize the price and solidify support at the current level. While the launch of World Chain may have been underwhelming, the token could still see appreciation by the end of the year, but it is unlikely to surpass its previous all-time high of $11.74 set in March before entering 2025.
While Worldcoin’s performance has been lackluster, investors interested in supporting Web3 innovation should consider diversifying their portfolios and hedging against risk. In the world of meme coins, builders in the Web3 community are creating new projects to add value and utility to this often-maligned sector. One such project is Crypto All-Stars, a protocol that allows crypto enthusiasts to make use of their meme coins. While meme coins are known for their volatility, their whimsical nature limits their utility. Crypto All-Stars provides a solution by allowing meme coin holders to generate consistent value from their holdings. The protocol enables users to stake popular meme coins and earn passive income in the form of $STARS, with a rewards rate currently set at 592%. The project has gained significant popularity, raising over $2.5 million in its presale. Investors can participate in the presale and start staking for rewards, with the tokens becoming claimable once the presale period ends. For more information and to participate, visit the Crypto All-Stars website and follow them on social media for updates.
Disclaimer: Cryptocurrency is a high-risk asset class, and this article is provided for informational purposes only and should not be considered investment advice. There is a possibility of losing all invested capital.