WLD, the Native Token of Digital Identification Platform Worldcoin, Emerges as Top Gainer Among Leading 100 Cryptocurrencies

WLD, the native token of the digital identification platform Worldcoin, has emerged as the top gainer among the leading 100 cryptocurrencies, with a surge of 9% over the last day.

Worldcoin (WLD) price surged 9% in the last 24 hours to emerge as the top gainer among the leading 100 cryptocurrencies.

At the time of writing, WLD was trading at $2.36, according to data from CoinMarketCap (CMC). The asset’s market cap currently stood at $357 million, making it the 98th-largest digital currency.

Moreover, the daily trading volume of Worldcoin recorded a 116% rally, reaching $357.8 million.

Despite the latest price surge, WLD was still down 80% from its all-time high of $11.82, which it reached on March 10.

The surge in WLD came after Tools for Humanity, the software company behind Worldcoin, announced recent executive hires from leading technology firms, including X, Google, Apple, Meta, and Tesla.

The development comes as Worldcoin has come under scrutiny from data protection regulators in countries like France. Earlier this year, the project’s iris scanning and identification operations were found to violate data protection principles in Hong Kong. The region’s Privacy Commissioner for Personal Data (PCPD) reported that these operations contravened Hong Kong’s data protection standards.

The four seasoned experts were hired to ensure the company complies with privacy regulations and frameworks. They will also work to ensure that external audiences, particularly privacy regulators, understand and have transparency into the tools behind Worldcoin.

Meanwhile, the 24-hour surge in WLD’s price comes a few weeks before the commencement of increased daily token unlocking.

According to Messari, Worldcoin daily unlocks are currently at 3.19 million WLD, valued at around $7.91 million; however, by July 24, 2024, the figure is expected to more than double to 6.61 million WLD tokens, valued at around $16.39 million every day.

Token unlocks, which are comparable to share vesting schedules in traditional organizations, involve the gradual release of cryptocurrencies that were previously frozen or restricted to prevent large-scale selling during the early phases of a project.

Such token unlocks ultimately create liquidity and are often linked with bearish sentiments due to the increased availability of the coins.

On the other hand, WLD’s price also comes amid a broader ongoing downturn in the global crypto market, which had dropped over 4% in the last 24 hours, currently standing at $2.17 trillion.

Bitcoin, the leading cryptocurrency, was also seen in the red with a 3.5% drop and was trading at $58,760 at the time of reporting.

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