Worldcoin’s native token – WLD – surged by approximately 130% over the past year.
The upward momentum proved short-lived, leading to profit-taking, and the rally appears to have come to a halt, with WLD witnessing a decline of around 20% from its peak of $4.68 within less than 10 days.
Despite this downturn, data indicates the possibility of a massive rally soon.
Worldcoin Targets $6.30 Rally
According to popular crypto analyst Ali Martinez, Worldcoin is exhibiting signs of a breakout from a bull flag on its 4-hour chart. Should this be verified, it may open the door for the WLD token to begin an 80% surge, aiming for a target of $6.30.
— Ali (@ali_charts) December 25, 2023
Worldcoin has been a source of controversy since its inception. Despite gaining global attention, it wasn’t until November that WLD began to gain traction.
The token eventually reached its peak on December 18th at $4.68 during a broader market upturn. It has since retreated to $3.81.
On the regulatory front, the journey has been less than smooth. As previously reported, Worldcoin quietly suspended its Orb-verification service in India, Brazil, and France shortly after expanding the eyeball-scanning device to those markets.
This decision came despite Worldcoin’s efforts, such as opening pop-up kiosks in various parts of India to onboard new users, which drew crowds as people queued up to register and receive free tokens.
Worldcoin has roped in prominent entities such as Andreessen Horowitz, Khosla Ventures, and Reid Hoffman as its backers. The project secured an initial funding of $25 million in October 2021. In less than a year, an additional $100 million was raised, pushing the token’s valuation to $3 billion.
Worldcoin transitioned out of beta status on July 24, 2023, introducing 11 orb locations in the United States and outlining plans to expand to 35 cities across 20 countries.
However, the formal launch of the WLD token did not take place in the US. In August 2023, Kenya, one of the initial countries where Worldcoin was introduced, suspended its enrollment in the program, citing concerns related to security, privacy, and financial matters.
The iris biometric crypto project was developed by San Francisco- and Berlin-based Tools for Humanity. It uses a Proof-of-Personhood (PoP) mechanism that verifies an individual’s humanness and uniqueness. Experts, however, remain unconvinced with the concept.
In an exclusive conversation with CryptoPotato, Bob Bodily, a blockchain specialist and the CEO of Toniq Labs, a web3 infrastructure company, emphasized that there are several more secure methods for confirming human identity, rendering the Worldcoin verification process outdated. He pointed out various flaws in the Worldcoin verification model, notably its high centralization, as users are restricted to validation through the official hardware exclusively developed by Worldcoin, thereby restricting accessibility.