invezz.com
OpenAI CEO Sam Altman officially launched the Worldcoin ($WLD) project to help distinguish humans from artificial intelligence online (read more). Meanwhile, the cryptocurrency community has expressed dissatisfaction over the new token, some calling it a scam.
One of the most level headed experts calls #worldcoin a straight up SCAM.
— Sin City Crypto (@SinCityCrypto1) July 24, 2023
-Sketchy tokenomics
-Backdoor deals
-Market makers incentive to dump
-Price won’t get above $2.50 anytime soon
Watch the full clip below 👇🏻@00forrest #worldcoin $wld #crypto pic.twitter.com/iMI9y9nuKG
Worldcoin deteriorates amid community criticism
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While WorldCoin attracted attention due to its focus on AI, $WLD has dropped by over 40% within the past day. The altcoin failed to retain its earlier highs due to various issues, including sketchy tokenomics, backdoor deals, and incentives to dump.
Ethereum’s co-founder Vitalik Buterin identified issues with Worldcoin shortly after the project launched, according to invezzz.com news. For now, analysts have attacked its tokenomics model, where most of the 10 billion $WLD planned to unlock over the coming 15 years.
Token Unlocks reveals the community will enjoy three-quarters of Worldcoin’s total supply. Moreover, early investors that led the Initial Coin Offering (ICO), such as a16z, will receive nearly 10% of the asset supply. Also, projects with regular assets unlock generally witness massive selling momentum.
$WLD price dip and opinions
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While Worldcoin catalyzed optimism within the markets on Monday, it has slumped by over 40% to a press time price of $0.0178. $WLD skyrocketed to highs of $3.30 hours after its launch before significant dips. Sin City Crypto trusts the asset will not soar past $2.50 anytime soon.
Furthermore, most individuals believe WorldCoin would be a historic rug-pull, responding to Vailshire Capital Management CEO’s poll.
While crypto exchanges lined up to list the token, WorldCoin’s performance less than a day since it went live matches speculations that the AI market is a bubble waiting to burst. Meanwhile, the looming AI regulations and risks will likely determine whether artificial intelligence can sustain itself long-term.
It remains fascinating to witness how wild the AI ride would be.
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