Worldcoin launch raises eyebrows as WLD price notches a double-digit gain

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Worldcoin launch raises eyebrows as WLD price notches a double-digit gain

Cointelegraph2023/07/24 13:35

By: Ray Salmond

Worldcoin price soared to $3.58 shortly after launching but traders and crypto advocates have many concerns.

Worldcoin (WLD), the native token of the “” project founded by OpenAI co-founder Sam Altman, soared after listing on major crypto exchanges on July 24.

At the time of writing, WLD trades at $2.22, reflecting a 33% gain on the day. Despite criticism from nearly every corner of the crypto sector, WLD’s one-day performance eclipses that of Bitcoin (), Ether (), XRP () and the remainder of the crypto market, which has sold off.

For many traders, one area of concern is WLD’s circulating supply versus its supply cap. With only 1% of the total supply currently in circulation, Worldcoin has a fully diluted market capitalization that exceeds $22 billion.

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The token launch entailed 143 million WLD being issued. Notably, 100 million WLD were allocated to market markers, with the remaining tokens being received by investors who verified by scanning their iris during Worldcoin’s pre-launch process.

Even with the concerns about the token’s price stability and long-term valuation, Binance, Bybit, Huobi, OKX, Gate.io and KuCoin have listed the Worldcoin and its current 24-hour trading volumes exceed $348 million, according to data from CoinGecko.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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