Worldcoin’s WLD token lost nearly 44% of its value a month after its launch
Worldcoin’s WLD token is down 9.1% over the past 48 hours and lost 43.6% over the past 30 days after Sam Altman’s crypto project launched its token about a month ago. As of 4:15 p.m. HKT, WLD was trading at around $1.33, compared to $2.36 last month, according to data from CoinGecko.
“The recent drop in the price of Worldcoin’s WLD token is a worrying trend,” said Jeff Mei, Chief Operating Officer of BTSE exchange. Especially when compared to the current signs of recovery in other tokens like Ripple’s.”
Mei said, “Although it was only released recently, it hasn’t been released yet. Worldcoin finds itself facing regulatory headwinds due to concerns about data privacy.” Adding, “The backlash excluded US residents from buying or trading the token, exacerbating selling pressure. There are also reports of the Kenyan parliament setting up a committee to investigate Worldcoin activities in the country.”
Co-founder of Tools for Humanity, the main developer of the Worldcoin project. Sam Altman, Alex Blania, and Max Novendstern in 2019. The project encourages users to verify their identity online by signing up for a universal ID via iris scanning.
The government backlash against Worldcoin Kenya – a market where Worldcoin has already registered hundreds of thousands of customers. It suspended Worldcoin earlier this month. Worldcoin has registered more than a quarter of a million people in Nairobi, the capital of Kenya, as of December 2022.
The Bavarian State Office for Data Protection Supervision has also been investigating the project since last year over concerns about how sensitive data was used.
“Multiple factors appear to be contributing to the downward trend of WLD,” Mei said. “But the main aspect affecting market sentiment is towards WLD. In particular, is the increased scrutiny surrounding our data collection and storage practices.” Mai added that the performance of the broader market undoubtedly shapes how individual tokens perform. Including WLD, on a daily basis. “But also critical is Worldcoin’s ability to overcome regulatory hurdles and meet compliance requirements.”
2023-08-27 21:03:00
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