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Worldcoin (WLD), the crypto project helmed by OpenAI CEO Sam Altman, has shot up a blistering 34% in the last 24 hours to trade at $7.30 as of this writing. This means that Worldcoin is now 185% higher than it was this time last week.
Much of the excitement over the weekend was fuelled by the company’s Friday launch of its text-to-video generator, Sora, which was a hit on social media.
Introducing Sora, our text-to-video model.
Sora can create videos of up to 60 seconds featuring highly detailed scenes, complex camera motion, and multiple characters with vibrant emotions. https://t.co/7j2JN27M3W
Prompt: “Beautiful, snowy… pic.twitter.com/ruTEWn87vf
— OpenAI (@OpenAI) February 15, 2024
Within a day of launch, Worldcoin celebrated reaching 1 million daily active users for its World App wallet.
World App, the first wallet built for the Worldcoin project, passed 1M daily users this week. This community is incredible 🫡 pic.twitter.com/Mf6Y51gscQ
— Worldcoin (@worldcoin) February 17, 2024
On closer examination, Worldcoin’s chart over the weekend indicates very bullish price action, with frequent cup-and-handle patterns indicating that the cryptocurrency’s price still has more headroom to grow in the near-term.
However, a sudden price depreciation in the last few hours indicates strong selling activity, although the current Relative Strength Index (RSI) of 53 indicates that the relative price-driving factors are all priced in well at this point in time. Taken altogether, this signals a near-term rally to $100 is probably unlikely, although such long-term prospects exist.
Wordcoin: A Primer to WLD
Worldcoin got an ambivalent response on launch last year due to its controversial onramp: anyone wanting some WLD has to visit an ”Orb”—some of these are found in Berlin, Dubai, London, Mexico City, Miami, New York City, San Francisco, Seoul, and Tokyo— and get a snapshot of their eyeballs taken.
This biometric data is used alongside verification of government-issued ID to confirm users’ personhood before distributing coins to them.
Worldcoin says it’s building blockchain infrastructure to bank the world’s unbanked, enabling everyone “to broadly share the coming technological prosperity ” according to its website. “Privacy first. Owned by everyone.” reads the slogan.
But many are skeptical, including Ethereum creator Vitalik Buterin who wrote a blog post listing his concerns of the protocol’s privacy, accessibility, centralization and security and said it could take years for it to work.
This year the project hit a new high back in January when it welcomed 16,000 Orb signups in a single day, after surpassing the 5 million mark the preceding month.
Less Invasive Global Altcoins
Worldcoin’s WLD may be one of the more fascinating altcoins out there, but several other coins have promising room for growth without triggering potential privacy alarms. Ethereum-based token Bitcoin Minetrix (BTCMTX) is one such coin.
Interested investors can snap it up at its current price of $0.0135 before the price goes up. The token could be more expensive tomorrow due to its lucrative premise; it has raised over $11.1 million so far.
BTCMTX taps Ethereum smart contracts to help investors get greater yields by providing an easy onramp into Bitcoin cloud mining. Token holders can mine the world’s favorite cryptocurrency without needing to purchase specialist mining rigs.Interested? Simply purchase and stake BTCMTX via the website. There’s no minimum buy and token withdrawal is simple, making for a low-stakes onramp into cloud mining.
The more BTCMTX investors lock up, the more cloud mining credits they’ll receive. These represent hash power. The greater the hash power, the more attempts that Bitcoin cloud mining software can make to break the network’s cryptographic puzzles in any given time.
This enables anyone to become a validator (aka, miner) and validate blocks of transactions (aka mine) to receive rewards in Bitcoin.
The platform rewards staking with more BTCMTX, further fuelling the staking/mining cycle and generating two revenue streams.Buy Bitcoin Minetrix Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.