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Worldcoin (WLD) secured the top spot on CoinMarketCap’s trending list after its price surged by more than 16% over the past 24 hours of trading. The token was launched on Monday, and since then has been rather successful after being listed on some of the top exchanges in the world including Huobi, Bybit, Binance, and OKX.
WLD is a cryptocurrency initiative co-founded by Sam Altman, the CEO of OpenAI. The project’s primary goal is to revolutionize digital identification by introducing the concept of a World ID – a verification system ensuring the authenticity of the ID holder as a genuine human being. However, the project’s iris-scanning orb has received considerable backlash from the community.
A research analyst from 21.co, Tom Wan, shared his own thoughts about WLD on Twitter earlier today. Wan pointed out that WLD’s first week in the cryptocurrency market has been a success after jumping from $1.94 to $2.43. However, the analyst pointed out that traders should keep the project’s daily unlocks in mind.
Worldcoin's price slightly rebounded from $1.94 back to $2.43. Given only 1% of the token is in circulation, we also need to be aware of the daily unlocks
— Tom Wan (@tomwanhh) July 26, 2023
3M tokens ($7.7M) will be unlocked for the community daily, which is 0.6% of the current supply. pic.twitter.com/J4lP8nH5Ow
Wan stated that 3 million tokens, worth approximately $7.7 million, will be unlocked for the community every day. This will make up around 0.6% of the current supply. Additionally, the analyst shared that the unlocks will begin today, and that initially, 6.62M tokens will be unlocked to the TFH reserve, investors, and the initial development team.
In recent developments, the price of WLD surged to $2.36 at press time, marking an impressive 16.27% increase throughout the past day of trading. This significant price jump brought WLD closer to its 24-hour high of $2.51, while its daily low sat at $2.01.
However, despite the price rally, WLD’s 24-hour trading volume experienced a notable decrease, falling by over 31% compared to the previous day. Its trading volume subsequently stood at $387,797,070 at press time.
The surge in WLD’s price also had a positive impact on its weekly performance, which climbed even further into the green – reaching an impressive +41.73%. In terms of market capitalization, WLD had a market cap of $258,355,914, positioning it as the 115th largest token in the market. It trailed closely behind NEM (XEM), which held the 114th spot.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.