Driving the Surge: World App Sparks Price Boom for Worldcoin
Worldcoin, the brainchild of Sam Altman, is enjoying a resurgence following a period of stagnation last year. Over the past week, the project’s native token WLD has surged by an impressive 140 percent. As of the latest data, WLD is currently trading at $7.58 (approximately Rs. 628). This remarkable upturn in value can be attributed chiefly to the remarkable success of Worldcoin’s flagship wallet app, aptly named ‘World App’. In an official statement issued by Worldcoin’s X handle, it was revealed that the World App has achieved a significant milestone by surpassing one million daily active users in February for the first time.
Around November 2023, the number of Worldcoin wallet users stood at around 100,000 daily active users, as per a report by CoinTelegraph.
With Worldcoin, Altman envisions the creation of a network that consists only of real humans now that AI is getting smarter and more advanced each passing day. Using the scans of people’s irises, Altman plans to generate a unique global identification of individuals – that would eliminate the need for them to present their IDs like names or email ids to interact with computers and machines.
Around August last year, Worldcoin had generated over two million signups from different parts of the world including India. People waited in lines to submit their eye scans to the Worldcoin team via its orb.
This iris collection detail, however, has raised concerns among several governments. Kenyan authorities, for instance, raided the office of Worldcoin in Nairobi only to confiscate all the stored information of the users who registered with the project.
As for now, there is no single indicator that explains Worldcoin’s sudden rally other than the fact that the overall crypto market is rallying. Bitcoin is trading at over $52,000 (roughly Rs. 43 lakh) and has spiked up the prices of almost major cryptocurrencies.
In August 2023, the total market cap of the WLD token stood at $266 million (roughly Rs. 2,207 crore). Presently, WLD’s market cap stands at $73,592,859,052 (roughly Rs. 6,10,873 crore), as per CoinMarketCap.