The main reason behind this price surge is a boom in Worldcoin’s wallet app – named ‘World App’.
As of August 2023, the total market cap of the WLD token stood at $266 million
Photo Credit: Reuters
Worldcoin, the ambitious Web3 project co-founded by Sam Altman, is seeing better days after some downtime it experienced last year. In the last seven days, the value of the project's native token WLD reportedly spiked by 140 percent. At the time of writing, WLD is trading at $7.58 (roughly Rs. 628). The main reason behind this price surge is a boom in Worldcoin's wallet app – named ‘World App'.
Over the week, the official X handle of Worldcoin released a statement claiming that the World App has surpassed the mark of a million daily users this February for the first time.
Around November 2023, the number of Worldcoin wallet users stood at around 100,000 daily active users, as per a report by CoinTelegraph.
With Worldcoin, Altman envisions the creation of a network that consists only of real humans now that AI is getting smarter and more advanced each passing day. Using the scans of people's irises, Altman plans to generate a unique global identification of individuals – that would eliminate the need for them to present their IDs like names or email ids to interact with computers and machines.
Around August last year, Worldcoin had generated over two million signups from different parts of the world including India. People waited in lines to submit their eye scans to the Worldcoin team via its orb.
This iris collection detail, however, has raised concerns among several governments. Kenyan authorities, for instance, raided the office of Worldcoin in Nairobi only to confiscate all the stored information of the users who registered with the project.
As for now, there is no single indicator that explains Worldcoin's sudden rally other than the fact that the overall crypto market is rallying. Bitcoin is trading at over $52,000 (roughly Rs. 43 lakh) and has spiked up the prices of almost major cryptocurrencies.
In August 2023, the total market cap of the WLD token stood at $266 million (roughly Rs. 2,207 crore). Presently, WLD's market cap stands at $73,592,859,052 (roughly Rs. 6,10,873 crore), as per CoinMarketCap.
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