Sam Altman’s blockchain project, Worldcoin ($WLD), recently launched its own blockchain called World Chain. However, the announcement has had minimal impact on the token’s performance. Currently, Worldcoin has experienced a 3% drop in the last 24 hours, with a trading price of $2.33. Over the past week, the token has only seen a 0.8% increase, indicating a lackluster response to the news. Despite this, Bitcoin ($BTC), the market leader, has remained relatively unchanged in the last 24 hours and has risen by 5.3% over the past week, with a trading price of $68,194.
Worldcoin’s main goal with the launch of World Chain is to provide banking services to the unbanked population around the world. To obtain $WLD tokens, individuals must visit a biometric eyeball scanner called the “Orb” in major cities globally and submit a snapshot of their eyeballs. The protocol then uses this data, along with government-issued ID verification, to confirm a person’s identity before distributing the coins to them. However, concerns have been raised about the protocol’s privacy, accessibility, centralization, and security. Ethereum creator, Vitalik Buterin, expressed his worries in a blog post, and lawmakers in Mexico, Malaysia, and Argentina have also voiced similar concerns.
With the launch of World Chain, Worldcoin’s 15 million verified users have migrated to the new blockchain. The Proof-of-Personhood protocol employed by Worldcoin aims to create a blockchain where transactions are conducted by humans rather than bots, potentially enhancing chain security. The price chart shows that Worldcoin has experienced a nearly 50% increase in the last month alone and is currently challenging a resistance level of $3, which was set earlier in the summer. The falling relative strength index (RSI) of 42 suggests that the coin may be oversold by the weekend. This could stabilize the price and solidify support for the token at its current level. While the launch of World Chain may not have been groundbreaking, the token could still see appreciation before the end of the year. However, it is unlikely to surpass its previous all-time high of $11.74, set in March, going into 2025.
While Worldcoin’s performance has been less than stellar, investors interested in supporting innovation in Web3 should consider diversifying their portfolios and hedging against risks. In the realm of meme coins, some of the prominent builders in Web3 are creating new projects to add value and utility to this often-criticized sector. One such project is Crypto All-Stars, a protocol that allows crypto enthusiasts to put their meme coins to work. While meme coins are known for their volatility, they often lack utility. Crypto All-Stars addresses this issue by enabling meme coin holders to generate consistent value from their holdings. The unified staking protocol allows users to combine popular meme coins, such as Pepe Coin, Dogecoin, Shiba Inu, and more, and stake them in the MemeVault to earn passive income in the form of $STARS. The rewards rate is currently set at 592%, and the project has already raised over $2.5 million in its presale. Investors can stake their coins and claim their tokens once the presale ends. To participate, individuals can visit the Crypto All-Stars website and purchase $STARS using ETH, USDT, BNB, or card payments. For the latest updates, individuals can follow Crypto All-Stars on Twitter and Telegram.
It’s important to note that cryptocurrency is a high-risk asset class, and this article is provided for informational purposes only and does not constitute investment advice. There is a possibility of losing all capital invested.