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Why Is Sam Altman's Worldcoin Up 205% Over The Past Week?

Published 19/02/2024, 14:56
© Reuters. Why Is Sam Altman's Worldcoin Up 205% Over The Past Week?

Benzinga - Worldcoin (CRYPTO: WLD), the cryptocurrency associated with the controversial identity verification project co-founded by OpenAI CEO Sam Altman, was up 205% over the past week and defied privacy concerns to hit one million daily users.

What Happened: Per CoinGecko data, Worldcoin rocketed upwards 43% in the past 24 hours.

On Feb. 18, Worldcoin announced its "World App" surpassed one million daily active users, reflecting a massive 10-fold increase since November 2023.

The Worldcoin surge started on Feb. 15, when OpenAI released its new text-to-video model Sora.

According to CoinDesk, Three Arrows Capital creditors stand to benefit from the price surge. The bankrupt fund participated in a $25 million round at a $1 billion valuation for Worldcoin’s developer Tools For Humanity.

Also Read: ERC-404 And ERC-7621 Tokens Explained: The Future Of Fund Management?

Why It Matters: According to pseudonymous analyst Ali Charts, a technical breakout on the daily chart means $15 and $26 could be the next targets if the breakout holds.

Not all analysts are that bullish. Thedefivillain sees further upside coming on the next potential squeeze:

Token Unlocks data showed a $165 million tranche token unlock coming on Feb. 26. Only 1.3% of WLD is unlocked, meaning Worldcoin is trading at a massive $77 billion fully diluted valuation.

Worldcoin is one of the most controversial cryptocurrency projects: critics raise concerns about the data collection practices, particularly the use of "Orbs" — portable iris scanners — and the potential infringement on user privacy.

Read Next: Big Banks Lobby For Bitcoin ETF Role, Urge SEC Rule Change

Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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