More Than 98% Investors Suffers Worldcoin Decline, is there Any Hope?
According to recent data, almost 98.52% of WLD investors are currently calculating their losses.
Worldcoin, the brainchild of Sam Altman and a privacy-focused crypto project, has been generating a significant buzz in the crypto sphere over the past couple of months.
However, the Return-on-Investment (ROI) for the project's native token, $WLD, paints a grim picture. Recent data shows that over 98.52% of WLD investors find themselves in the red, with the $WLD token losing a staggering 52% of its market value in just a month.
Worldcoin's tumultuous journey has been intertwined with regulatory hurdles in various countries, including Kenya, Argentina, Germany, the United Kingdom, and others. The primary concern revolves around privacy and the safety of critical biometric data.
Worldcoin positions itself as a digital passport designed to validate an individual's humanity through its privacy-focused digital identity called World ID. Obtaining World ID and its associated native token $WLD is as simple as verifying one's status as a genuine human being.
Decline of $WLD Token
Data from CoinStats reveals that $WLD was trading at $2.2 just a month ago, but it has now dropped to $1.06. This dramatic fall highlights a lack of sustained demand for the token.
Currently, the price of Worldcoin is $1.16, up 9.73% in the last 24 hours, with a live market cap of $148M. It has a circulating supply volume of 10,000,000,000 WLD coins and a maximum supply volume of 10,000,000,000, with a 24-hour trading volume of $65M.
Source: CoinStats
Data analytics firm IntoTheBlock's findings are even more concerning, with 98.52% of current $WLD investors experiencing losses. This suggests that the vast majority of token holders have not profited, despite the widespread hype since July.
The Role of Eye-Scanning Orbs
Worldcoin's approach to token distribution involves eye-scanning orbs, which individuals use to verify their humanity in exchange for $WLD tokens. However, most token holders promptly convert their $WLD tokens to fiat currency and move on.
In Kenya, for example, thousands lined up to have their eyeballs scanned in exchange for free WLD tokens, which were worth approximately 7,000 Kenyan shillings ($49.09) at the time.
Reports indicate that these tokens were swiftly converted to USDT and then to Kenyan shillings, demonstrating a lack of genuine interest in $WLD. People primarily engaged in eye scanning after discovering the opportunity for quick profits through WLD tokens.
Privacy Concerns and Eyeball Drama
On another note, Worldcoin has recently faced privacy concerns regarding its collection of biometric data. An international hacker group breached Worldcoin's servers, gaining access to user data, including eyeball scans. The project issued a public apology and is working with law enforcement to address the breach.
The potential misuse of stolen eyeball data has raised alarms about scammers, personalized advertisements, A.I.-generated duplicates of users, and unsettling sensations of being watched.
Conclusion
Worldcoin's journey is emblematic of the cryptocurrency world's highs and lows. While the project garnered global attention, its native token's performance leaves much to be desired. Privacy concerns and the recent data breach add uncertainty to Worldcoin's future.
Related:
Trending
