crypto.news
WLD, the native token of the digital identification platform Worldcoin, has emerged as the top gainer among the leading 100 cryptocurrencies, with a surge of 9% over the last day.
At the time of writing, WLD was exchanging hands for $2.36 per data from CoinMarketCap (CMC). The assets market cap is currently hovering at $357 million, making it the 98th-largest digital currency.
Moreover, the daily trading volume of Worldcoin recorded a 116% rally, reaching $357.8 million. Despite the latest price surge, WLD is still down 80% from its all-time high of $11.82, which it reached on March 10.
WLD’s surge follows after Tools for Humanity, the software company behind Worldcoin, announced recent executive hires from leading technology firms, including X, Google, Apple, Meta, and Tesla.
The development comes as Worldcoin has come under scrutiny from data protection regulators in countries like France. Earlier this year, the project’s iris scanning and identification operations were found to violate data protection principles in Hong Kong. The region’s Privacy Commissioner for Personal Data (PCPD) reported that these operations contravened Hong Kong’s data protection standards.
The four seasoned experts were hired to ensure the company complies with privacy regulations and frameworks. They will also work to ensure that external audiences, particularly privacy regulators, understand and have transparency into the tools behind Worldcoin.
Meanwhile, the 24-hour surge in WLD’s price occurs a few weeks before the commencement of increased daily token unlocking.
According to Messari, Worldcoin daily unlocks are currently at 3.19 million WLD, worth approximately $7.91 million; but, by July 24, 2024, the figure is expected to more than double to 6.61 million WLD tokens, worth approximately $16.39 million every day.
Token unlocks, similar to share vesting schedules in traditional organizations, refer to the gradual release of cryptocurrencies that were previously frozen or limited to avoid large-scale selling during the early phases of a project.
Such token unlocks create liquidity and are usually connected with bearish sentiments due to the larger availability of these coins.
Meanwhile, WLD’s price also comes amid a wider ongoing downturn in the global crypto market, which has dropped over 4% in the last 24 hours, currently standing at $2.17 trillion.
Bitcoin, the pioneering cryptocurrency, was also seen in the red with a 3.5% drop and exchanging hands at $58,760 at the time of reporting.