The digital identity platform Worldcoin’s native token, WLD, has become the standout performer among the top 100 cryptocurrencies, witnessing a 9% increase in the last 24 hours.
Currently, WLD is trading at $2.36, according to CoinMarketCap, with a market capitalization of $357 million, ranking it as the 98th largest cryptocurrency. The trading volume for Worldcoin has seen a dramatic 116% increase, reaching $357.8 million. However, despite this uptick, WLD’s value remains 80% below its peak of $11.82 achieved on March 10.
This upward trend comes on the heels of Tools for Humanity, the organization behind Worldcoin, announcing key executive appointments from prominent tech companies such as Google, Apple, Meta, and Tesla. This move comes as Worldcoin faces regulatory scrutiny, particularly after its iris scanning and identification practices were deemed non-compliant with data protection laws in Hong Kong.
Currently, Worldcoin is releasing 3.19 million WLD tokens daily, valued at roughly $7.91 million. This number is projected to more than double by July 24, 2024, with daily releases reaching 6.61 million WLD tokens, equivalent to about $16.39 million each day.
Token unlocks, akin to traditional corporate share vesting, involve the phased release of previously restricted cryptocurrencies to prevent mass selling in the early stages of a project. These unlocks add liquidity to the market but can also lead to bearish trends due to increased coin availability. This price movement for WLD is set against a broader downturn in the global crypto market, which has seen a 4% decline over the past day, with a total valuation of $2.17 trillion.
Bitcoin, the original cryptocurrency, has also experienced a downturn, dropping 3.5% and trading at $58,760 at the time of writing.