Worldcoin Turns Red: WLD Price Falls 18% as Money Shifts to Competing

Tim Hakki

Last updated:

May 15, 2024 13:04 EDT

| 2 min read

Sam Altman's Worldcoin project is taking a tumble.

Worldcoin ($WLD), the blockchain project helmed by OpenAI’s Sam Altman, has fallen nearly 20% in the last two weeks and 6.4% overnight despite other leading cryptocurrencies posting green candles.

The WLD token currently trades for $4.83.

That’s 59% short of its all-time high (ATH) of $11.74, posted on March 10 this year just as the entire market was rallying in line with Bitcoin, which posted its own ATH of $73,737.94 four days later.

Since then, fortune hasn’t favored Worldcoin. The token tumbled down to lows of $4, where it has found consistent support but it has faced strong resistance on the way to the $7 mark.

WLD’s Relative Strength Index (RSI) is 37 which indicates some recent selling has contributed to the downturn.

In the short-term, there is still some space for further losses, but the bulk of the downward price pressure should be relieved by tomorrow.

OpenAI’s Worldcoin: Will $WLD Bank The Unbanked?.

Worldcoin was a controversial launch last year due to its premise: anyone wanting some $WLD has to visit a biometric eyeball scanner called the ”Orb” and submit a snapshot of their eyeballs.

They’re found in Berlin, Dubai, London, Mexico City, Miami, New York City, San Francisco, Seoul, and Tokyo.

This data is then used alongside verification of government-issued ID to confirm a user’s personhood before distributing coins to them.

OpenAI says Worldcoin is building blockchain infrastructure to bank the world’s unbanked, enabling everyone “to broadly share the coming technological prosperity ” according to its website. “Privacy first. Owned by everyone.” reads the slogan.

But many are skeptical, including Ethereum creator Vitalik Buterin who wrote a blog post listing his concerns of the protocol’s privacy, accessibility, centralization and security and said it could take years for it to work.

Lawmakers around the world are also monitoring the protocol, with press reports suggesting authorities in Mexico, Malaysia and Argentina have all aired similar concerns recently.

This year the project hit a new high back in January when it welcomed 16,000 Orb signups in a single day after surpassing the 5 million mark the preceding month.

From Eyeballs to...

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