WLD Price Declines 5% Amid Worldcoin’s Rebranding and Orb 2.0 Debut

• Sam Altman’s Worldcoin has rebranded to World and launched Orb 2.0, a new iris-recognition device.
• Additionally, Sam Altman also introduced a new Ethereum layer-2 blockchain called World Chain.

The Sam Altman-founded “proof-of-humanity” project, formerly World Coin has rebranded to World. This rebranding has also come in line with the introduction of its new Orb 2.0 technology.

Following this significant development, the digital asset at the time of writing, is struggling to stay afloat in the 24-hour charts swapping wallets at $2.19 marking a 0.13% decline. Notwithstanding the decrease, it’s noteworthy that the digital asset has surged 21.12% and 49.97% in the past week and month respectively. 

Rebranding to “World” and Launch of Orb 2.0

Worldcoin’s Sam Altman and Alex Blania made this revealing at the event in San Francisco. During this event, Altman revealed the rebranding of the 2023 launched crypto project to “World.”  

Outlining the future of the project, Sam Altman highlighted that World targets to go beyond digital asset ownership and prioritize identity verification in an increasingly AI-driven world.

One of the most notable highlights of the announcement was the debut of Orb 2.0, an upgraded version of the project’s iris-recognition technology. In depth with the Orb 2.0, the new release is powered by Nvidia’s Jetson chipset, and boasts five times the AI capabilities of its predecessor while requiring fewer components.

The new model is expected to enhance the reach of the World’s global identity-verification network by making it more accessible, including through self-service kiosks and on-demand use via an application.

This improvement is seen as a key step in expanding the adoption of the World’s technology globally.

It is worth noting that soon after the reveling, WRLD recorded a 5% drop in WLD’s price, as the token fell from $2.26 to $2.11.

World Chain Launches a New Layer-2 Network

In tandem with the rebranding, Sam Altman also launched an Ethereum layer-2 blockchain it dubbed World Chain. 

According to a statement released from the team, this blockchain is designed to offer enhanced scalability while maintaining security through Ethereum’s proven technology.

Notably, the team has captured great support from big players in the industry including Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan, all of which are backing the launch of World Chain.

WLD Technical Analysis

From a technical point of view, the Relative Strength Index (RSI) for WLD currently sits at 56.41, indicating slightly bullish momentum without signaling extreme buying or selling conditions. While the RSI suggests neutrality, the Chaikin Money Flow (CMF) stands at -0.15, pointing to more selling pressure in the market and highlighting trader caution.

Noticing the current dip, technical analysts believe the falling wedge pattern may soon result in a bullish breakout. Should this occur, the WLD token could face initial resistance around $2.47, with possible further gains toward $4.01, $5.41, and even a stretch target of $6.57.