Worldcoin Surges 9 Leads Market with Former Google and Apple Recruits
Worldcoin’s native token, WLD, has emerged as the top performer among the top 100 cryptocurrencies, marking a notable 9% surge in the past day. As reported by CoinMarketCap (CMC), WLD is currently trading at $2.36. With a market cap of $357 million, it holds the rank of the 98th largest digital currency.
The recent surge in WLD’s price is accompanied by a significant increase in its daily trading volume, which spiked by 116% to reach $357.8 million. Despite this recent rise, WLD remains down by 80% from its peak of $11.82, achieved on March 10.
This surge follows the announcement by Tools for Humanity, the company behind Worldcoin, regarding the recruitment of senior executives from major tech giants such as X, Google, Apple, Meta, and Tesla. This move underscores Worldcoin’s strategic expansion amid ongoing scrutiny from data protection regulators, particularly in countries like France and Hong Kong. Earlier this year, Worldcoin’s iris scanning and identification operations were flagged by Hong Kong’s Privacy Commissioner for Personal Data for breaching local data protection norms.
The new executive hires are tasked not only with ensuring compliance with privacy regulations but also with enhancing transparency around Worldcoin’s technology for external stakeholders, including privacy regulators.
The surge in WLD’s price also coincides with preparations for increased daily token unlocking starting July 24, 2024. Currently, daily unlocks are set at 3.19 million WLD, valued at approximately $7.91 million. This figure is expected to more than double to 6.61 million WLD tokens, worth about $16.39 million per day, which mirrors traditional vesting schedules for organizational shares.
Despite these developments, WLD’s price rise occurs against the backdrop of a broader downturn in the global cryptocurrency market, which has contracted by over 4% in the last 24 hours to $2.17 trillion. Bitcoin, the leading cryptocurrency, has also seen a 3.5% drop, trading at $58,760 at the time of this report.
In other news related to Worldcoin, a recent security assessment by Trail of Bits has found no vulnerabilities in Worldcoin’s Orb scanner technology, providing additional assurance amid ongoing market challenges.
