Worldcoin, the blockchain project led by Sam Altman of OpenAI, has experienced a significant decline of nearly 20% in the past two weeks and 6.4% overnight, despite other major cryptocurrencies showing positive growth. The current trading price of the WLD token is $4.83, which is 59% lower than its all-time high of $11.74 achieved on March 10 of this year. Since then, Worldcoin has faced challenges, with the token dropping to a low of $4 and encountering resistance on its way to reaching $7.
The Relative Strength Index (RSI) for WLD is currently at 37, indicating that recent selling has contributed to the downturn. Although there may still be some room for further losses in the short term, the majority of the downward pressure on the price should ease by tomorrow.
Worldcoin’s launch last year was met with controversy due to its requirement for individuals to visit biometric eyeball scanners called the “Orb” and submit a snapshot of their eyeballs in order to obtain WLD tokens. These scanners are located in various cities around the world. This biometric data is then used, along with government-issued ID verification, to confirm the user’s identity before distributing the coins to them. Worldcoin aims to build blockchain infrastructure to provide banking services to the unbanked population and allow everyone to share in technological advancements while prioritizing privacy and being owned by the community.
However, there are skeptics, including Ethereum creator Vitalik Buterin, who expressed concerns about the protocol’s privacy, accessibility, centralization, and security in a blog post. He believes it could take years for the project to become effective. Authorities in Mexico, Malaysia, and Argentina have also expressed concerns and are monitoring the protocol.
The recent volatility in the price of WLD reflects the uncertainty among consumers. While Worldcoin’s premise is intriguing, the requirement for biometric information in a world prone to data breaches may deter some individuals from participating in the project. However, a new wave of meme coins is emerging, offering non-invasive utility and entertainment value. Leading this new generation of coins are projects like Scotty the AI, a blockchain security guard dog that raised $10 million in presale, and WienerAI, a trading companion that has already raised $2 million in a month. WienerAI is a meme token and AI companion that provides user-friendly AI-enhanced trading advice, seamless swap functionality, and zero fees. Around 20% of WienerAI’s supply is allocated for staking, with a current yield of 525% APY. The project has been audited by blockchain security platform Consult.
Please note that investing in cryptocurrency is high-risk, and this article is for informational purposes only and should not be considered investment advice.
