thecoinrepublic.com
- 1 The launch of Worldcoin has shifted attention to AI-powered tokens.
- 2 Since the launch of Worldcoin AI digital assets have declined.
AI tokens have been in the limelight since the launch of Worldcoin (WLD). AI coins are at the lowest levels in the past two months when Worldcoin gave the AI coins market a short term boost.
It was launched on July 24th and it has gained the attention of crypto investors. In the Series A round of October 2021, WLD received investment from Sam Bankman Fried, the founder of bankrupt FTX.
Prominent AI Tokens in a Downtrend
The price of Worldcoin shows the typical pump-and-dump pattern. WLD was above $3 during its launch, it fell 67% in just 7 days. The trading performance of five leading AI tokens are observed.
Kaiko shows the analysis of the trading volume of the top 5 Ai altcoins- Singularity NET (AGIX), Fetch.ai (FET), The Graph (GRT), Render (RNDR), and WorldCoin (WLD) are seen. It also included observation of AKT, OCEAN, and ROSE.
The total trading volume surged to $7 Billion at the beginning of the year. By the end of August, it had decreased to less than $2 Billion, despite the launch of Worldcoin. Though it added some boost but flat since May when sentiment first started to fade.
As per the data from CoinGecko, Render (RNDR) is the largest AI altcoin in terms of market capitalization. RNDR has not performed badly compared to others and fell over 10% over the past week.
Fetch(dot)ai lost 13% over the past week to $0.232. The third largest AI token Singularity NET dropped to more than 8% to $0.177. Graph has also lost 6.5% over the past week. It is a massive 97% down from its peak. This shows that the market is at its lowest levels.
ZachXBT, a pseudonymous crypto influencer, tweeted that the WLD team boosted how many users they have. But, in reality, they have exploited people in developing countries. Author and investor William Mougayar tweeted that the project shouldn’t have launched due to its minimal utility, which opens the gate to speculative trading. The lockup period is too short for the early investors and they could simply sell once they can.
According to the whitepaper of WorldCoin, over a period of 15 years from the launch date a total of 10 Billion will be supplied. But at the launch only 143 Million WLD will be circulating. The tokens given to the investors and the development team are locked for the year.
It is also stated in the whitepaper that the reason for the low circulating supply is because the project wants to create a network of as many people as possible and most of the WLD tokens will be given to the new and existing users over the years to come. Worldcoin assumes that the token allocation will increase during the first week of operation.
The circulating supply of WLD has increased to 3% since its introduction and on the Optimism network there are 155,000 wallets where Worldcoin has migrated after the launch. According to the Worldcoin website, they have 2 Million verified Orb users.