Worldcoin, the crypto project behind an eye-scanning device, has seen a massive increase within the last 24 hours. With its native cryptocurrency, WLD, up by more than 41%, users are curious about the reason for the sudden surge. Here are some potential drivers:
Why Is Worldcoin Increasing?
Two days ago, the blockchain analytics platform Spot On Chain detected an on-chain transaction of a crypto whale with a wallet address labelled 0x0007. The whale moved 2.09 million WLD tokens, worth $5.81 million at the time, from Binance. WLD traded at $2.78 during this period. This represents the first time the WLD token will see such a voluminous deposit from a whale.
Fast forward to today, and the whale’s portfolio increases as WLD’s value soars. With WLD up by 41% at press time, the whale’s holding is now valued at about $9.19 million, where WLD currently trades at $4.4. It implies that the whale netted a profit of $3.38 million within days, a feat which has garnered the attention of the entire Worldcoin community.
Source: CoinStats
Another factor that likely contributed to WLD’s current price surge is the recent roll-out of an AI model dubbed Sora. Introduced by OpenAI, the creator of the popular AI chatbot ChatGPT, Sora operates as a text-to-video model, enabling users to create video clips from text prompts. Since Sam Altman, the CEO of OpenAI, also backs Worldcoin, users likely believe that the Worldcoin ecosystem is benefiting from OpenAI’s advancements.
Worldcoin’s Goal to Go Global
Since its creation in 2019, Worldcoin has had the goal of taking its iris-scanning device, the Orb, to several parts of the world. The company’s mission is to enable users to access personal details stored on the blockchain by scanning their eyeballs.
Some countries have embraced the technology, with Chile being one of them. On the other hand, some countries have raised eyebrows on the Worldcoin project, criticizing its data collection practice. These unwelcoming countries include France, Hong Kong, and others.
