Markets
Worldcoin jumps 9%, leads market with Google, Apple hires
WLD, the native token of the digital identification platform World Coinbecame the biggest gainer among the top 100 cryptocurrencies, rising 9% over the past day.
At the time of writing, WLD was trading at $2.36 according to data from CoinMarketCap (CMC). The asset’s market cap currently hovers around $357 million, making it the 98th largest digital currency.
WLD 24-Hour Price Chart | Source: CoinMarketCap
Additionally, Worldcoin’s daily trading volume saw a 116% increase, reaching $357.8 million. Despite the latest price surge, WLD is still down 80% from its all-time high of $11.82, reached on March 10.
WLD’s rise follows the announcement by Tools for Humanity, the software company behind Worldcoin, of recent executive hires from leading technology companies including X, Google, Apple, Meta and Tesla.
The development comes as Worldcoin faces scrutiny from data protection regulators in countries including France. Earlier this year, the project’s iris scanning and identification operations were found guilty of violating data protection principles in Hong KongThe region’s Privacy Commissioner for Personal Data (PCPD) has warned that the operations contravene Hong Kong’s data protection standards.
The four seasoned experts were hired to ensure The company complies with privacy regulations and frameworks. It will also ensure that external audiences, particularly privacy regulators, understand and have transparency about the tools that underpin Worldcoin.
Meanwhile, the 24-hour surge in WLD price comes a few weeks before the start of the increased daily token unlocking.
According to Messari, daily Worldcoin unlocks currently stand at 3.19 million WLD, worth approximately $7.91 million; but by July 24, 2024, that figure is expected to more than double to 6.61 million WLD tokens, worth approximately $16.39 million each day.
Token unlocking, similar to stock allocation schedules in traditional organizations, refers to the gradual release of cryptocurrencies that were previously frozen or restricted to prevent a large-scale sell-off during the early phases of a project.
Such token releases create liquidity and are usually linked to bearish sentiments due to the greater availability of these coins.
At the same time, the WLD price also comes amid a broader and ongoing slowdown in the global cryptocurrency market, which has fallen by more than 4% in the past 24 hours, currently sitting at $2.17 trillion.
Bitcoin, the pioneer cryptocurrency, was also in the red, down 3.5% and trading hands at $58,760 at the time of writing.