Worldcoin Surges As It Reaches One Million Daily Users
Worldcoin surges over 200%. Will the rise continue?
d Key Takeaways
- Worldcoin surges 224%, reaching nearly $8, driven by Sora buzz.
- There are privacy concerns over iris scan verification, rebound after Sam Altman’s return.
- Worldcoin’s momentum may lead to a short-term price adjustment.
Worldcoin, a project co-founded by Sam Altman of OpenAI, has seen a significant increase of 224% within a week, reaching a new trading price of just below $8. This surge is attributed to the buzz around OpenAI’s new video creation model, Sora. Furthermore, the project announced a milestone of surpassing one million daily users on its World App, highlighting its growing popularity.
Causes For Concern at Worldcoin
Worldcoin was envisioned as a digital identity verification tool using blockchain for secure iris scans. However, the scheme has sparked debates over privacy due to the nature of its verification devices, known as “Orbs”.
The project experienced a temporary setback when Sam Altman left OpenAI in November 2023. Nevertheless, it managed to rebound once he returned, accompanied by significant changes in OpenAI’s board.
OpenAI’s introduction of Sora, a text-to-video model capable of generating up to 60-second videos with complex scenes and emotions, showcases advanced technological capabilities. Although available to a limited audience, its launch has undoubtedly contributed to Worldcoin‘s recent success.
The blockchain analytics firm Spot On Chain reported that Alameda Research owns approximately 19% of Worldcoin’s circulating supply. Sam Bankman-Fried‘s firm acquired 25 million WLD tokens when the price was much lower, without making any moves to sell them.
WLD Goes Parabolic
From its last low of $2.15 on January 23, the price of Worldcoin has started a new major uptrend. Previously, we saw the formation of an ascending channel, which was most likely the first uptrend and the first correction phase in a larger bull cycle.
The momentum picked up the pace from last week on February 15, when the price turned parabolic and shot up to nearly $8 at its peak on February 19. This increase shows no weaknesses, but it almost reached the 1.618 Fibonacci extension level, the typical ending point of a wave three out of the five-wave impulse count.
We could expect a cool-off, especially as the four-hour chart RSI signals the price has entered the overbought zone. Another 5% dip could take place in the short term, but a sideways correction will likely follow.
If this plays out, the price should settle around $7 before making another upturn for its final wave. Its likely target would be at $10. That said, this would depend on the expected correction ending point and the strength behind this last upward move.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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