The story surrounding Sam Altman and OpenAI seems to have had a major impact on the value of WLD, the token that issues Worldcoin, a cryptocurrency of which Altman is a co-founder.
Like the drama surrounding the dismissal of Sam Altman of OpenAI and possible recovery continues to captivate the crypto space, Worldcoin’s digital token has been one of the most unpredictable in the cryptocurrency market lately.
As of today, the trading price is World currency (WLD) has reached $2.43, indicating that the cryptocurrency has made a strong recovery. Compared to the previous 24 hours, this is a significant gain of 19%, with an impressive 24% rally in the past week, according to data from crypto price aggregator Coingecko.
Worldcoin’s unpredictable market behavior amid the Altman controversy
From a high of $2.50 on November 16, WLD began to weaken as digital asset markets declined the next day, with Altman’s resignation only worsening the decline. In the hours after his departure, the token fell to $1.85 according to statistics from CoinGecko.
Source: Coingecko
As artificial intelligence (AI) develops at a rapid pace, Worldcoin is working on a digital identity network that will collect retinal scans to verify users’ identities.
The project’s orbs collect retinal scans from users and in return they give users WLD tokens as compensation for providing their biometric data.
Events at OpenAI, where Altman acted as an intermediary for Worldcoin and, by extension, WLD, continue to influence the WLD price, even though the two projects are unrelated.
With a market value of approximately $280 million, the token occupies the 160th position in the crypto market, as reported by CoinGecko on Monday.
Total crypto market cap is currently at $1.3 trillion. Chart: TradingView.com
The rise in the token’s value is closely tied to the news surrounding Altman and the uncertainties arising from his removal from OpenAI, said Richard Galvin, co-founder of Digital Asset Capital Management.
Altman as face of Worldcoin: impact on investor appeal
As events unfoldedthe token rebounded and gained momentum as it became clear that there was no significant negative event fueling the board’s decision.
Greta Yuan, head of digital asset platform VDX in Hong Kong, predicted that WLD will experience additional volatility in the coming weeks.
Altman is the face of Worldcoin, so depending on how this drama plays out in the coming days, the token may fluctuate, but its appeal to investors will not diminish, Yuan said.
Although OpenAI’s stock price fell to $2.04 over the weekend following the announcement of Altman’s resignation as CEO, the company’s efforts to reassign his role as CEO helped propel the stock back up.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from Business Wire
