WLD’s Price Drops 44% in 30 Days, Raising Concerns About Token’s Viability
The highly anticipated crypto-based “free money” promise offered by Worldcoin’s WLD token has taken a severe hit as its value has plummeted dramatically since its launch. Investors who participated by having their irises scanned for the Worldcoin initiative now find their biometric investments slashed in half.
Since its debut on July 24th, the price of WLD Worldcoin has been on a continuous downward spiral. According to data provided by CoinGecko, the value of WLD has experienced a precipitous drop from just below $2.50 at the start of August to a meager $1.31 as of August 25th. This staggering 44% decline over the past 30 days has ignited concerns among investors, with predictions indicating that if this trend persists, the price of WLD could reach single-digit figures within the coming month.
The pathway to acquiring a stake in Worldcoin’s ambitious venture involves an iris scan using a distinctive steel ball named the “Orb.” This grants users a unique World ID, serving as a validation of their identity as human individuals rather than AI bots. Consolidated within the World app, this identification system aims to function as a universal wallet for managing WLD holdings and facilitating payments.
Early enthusiasm for Worldcoin was evident when the company reported amassing over 2 million sign-ups for the World ID by July 13th. During its launch, Worldcoin allocated more than 43 WLD tokens to its burgeoning user base. The co-founder and prominent AI advocate, Sam Altman, generated excitement by promoting the worldwide demand for iris scans merely three days after the launch.
However, the initial hype surrounding Worldcoin has rapidly waned. Early adopters who underwent iris scans were rewarded with 25 WLD tokens, which at their peak were valued at approximately $60. Regrettably, the same quantity of tokens is now valued at slightly over $30. Those who joined the initiative in its early stages could find themselves holding significantly diminished crypto portfolios, with the value of their investments slashed by half.
In contrast, the beneficiaries of this decline are the short sellers who bet on Worldcoin’s early demise. The prevailing sentiment suggests that the company’s bright prospects have dimmed considerably, raising questions about the viability of the WLD token and the larger Worldcoin project.
Despite the token’s price woes, Tools for Humanity, the company responsible for Worldcoin, remains tight-lipped regarding the declining value. Instead, the company has pointed to co-founder Alex Blania’s recent tweet from August 12th, highlighting that the World App has garnered an impressive 1.7 million monthly active users. This assertion comes despite the app’s relatively recent release, casting a renewed spotlight on the potential future trajectory of the Worldcoin venture.
As the cryptocurrency landscape continues to evolve, the fate of Worldcoin’s WLD token hangs in the balance, with investors and industry experts closely monitoring its progress and grappling with the challenges that lie ahead.