Controversial cryptocurrency Worldcoin is failing to retain investors as privacy concerns and the threat of regulatory grips frighten the market. Early-stage investors have been dumping the token for emerging alternatives like Wall Street Memes and BTC20 since the initial surge subsided.
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Deception, exploitation, and cash hand-outs – Worldcoin’s dystopian vision could invite inquiries
According to a recent report by Reuters, Britain’s data regulator ‘The Information Commissioner’s Office (ICO)’ will examine Worldcoin. The project’s proposition of providing digital identification in exchange for iris scans has sparked controversies.
Worldcoin is the top trending altcoin this week for the right, but not necessarily promising, reasons. Co-created by OpenAI CEO Sam Altman, WLD token went live on July 24. Although the initial response from the market was welcoming, the token took steep crashes on July 25, breaking into the top losers list within hours. The price recovered on Wednesday, but the environment is growing hostile.
The project’s goal is to offer a decentralized and private way to verify human identity online. As virtual technologies make their way to every field, online identity authentication has high market relevance. But the ambitious goal has received a bitter-sweet welcome from the market. Many call it creepy and dystopian, while others hail it the need of the hour.
'If this technology goes wrong, it can go quite wrong.'— NowThis (@nowthisnews) May 16, 2023
OpenAI CEO Sam Altman admitted during a Senate hearing that his 'worst fears' are causing 'significant harm to the world' via developing tech. pic.twitter.com/RROe9DnR2U
If Worldcoin unfolds as planned, anyone will be able to store World ID – a global digital passport – on their phones and prove they are not robots. It wouldn’t require you to submit your phone number or government ID to the websites.
A gas-free crypto wallet was released on May 8, which allows users to register for a World ID using a phone number or an iris scan. Although the developers guarantee that the data is not stored by the project, it sparked controversies. Despite that, it secured $115 million in funding to support its decentralized identification system and crypto wallet, the World App, later in May.
And on July 14, Worldcoin recorded over 2 million sign-ups, strengthening the native token’s price predictions. But a study by MIT Technology Review alleges that the majority of the first one million users were onboarded using “deception, cash handouts and exploiting workers” in developing countries.
Early investors are leaving WLD for WSM to escape the upcoming dump
While Worldcoin is facing a tumultuous debut with steep ups and downs this week, Wall Street Memes is reaping its benefits. The meme coin’s viral presale has managed to attract sizable investments over the last two weeks and has crossed the $17.5M milestone at the time of this writing.
One of the key factors that helped Worldcoin draw global attention during the presale stage was the big names attached to it. Needless to say, Worldcoin continues to leverage the popularity of OpenAI, which became a global phenomenon and penetrated the mainstream this year.
Worldcoin all-time price action, 26 July 2023, CoinMarketCap
But as a utility-first crypto underpinned by a blockchain project, investors don’t expect Worldcoin to rely on its speculative value alone. As the hype subsides in the coming days, the coin will need to prove its worth in the blockchain industry. More importantly, it needs to justify its large backing.
But by the looks of it, that is not the case. The allegations against the project are serious and could stop it from expanding any further along the same path. The project needs to rethink its approach if it has to win the approval of the market and authorities. In the present conditions, Worldcoin’s prospects as a long-term hold are slim.
Wall Street Memes is speculative and straightforward
After Worldcoin, one of the most celebrated presales of 2023 has been Wall Street Memes. Although the project doesn’t have big names like Sam Altman or ChatGPT attached to it, it enjoys a fairly large social media following.
But unlike most meme coin projects, the community didn’t birth overnight based on a fleeting internet trend or tweet. Wall Street Memes has a steadily growing community since 2019. It is first and foremost a meme community that investors, traders, and business leaders belonging to various sectors find relatable.
If you’re a Twitter user, chances are you have engaged with the community before. Even Elon Musk has.
The meme coin project doesn’t shy away from the fact that it is primarily speculative in nature. As a result, it doesn’t have the burden of proving its use or purpose, unlike projects like Worldcoin. According to industry analysts, Wall Street Memes is poised for a 15-25X surge in the first week of its launch, depending on the broader market conditions. But as the momentum builds and whales hoard the meme coin, it can climb anywhere from 70-80X.
The fact that the meme community sold out its initial NFT collection titled Wall St. Bulls in just half an hour hints at the explosive potential of the meme coin.
Top crypto publications cite WSM as one of the most promising cryptocurrency projects to attain unicorn status this year. WSM can dethrone Pepe within two weeks of its launch to become the best-performing meme coin of 2023.
But it remains to be seen whether it can rock Dogecoin and Shiba Inu. That’s too ambitious this year.
News Altcoins Gaining Momentum this Week
Speculative investors have been seeking haven in Wall Street Memes as Worldcoin threatens to crash. What about investors who are looking for utility-rich projects that will prove to be good long-term holds?
BTC20 and yPredict are two projects that caught the attention of judicious investors in July.
BTC FOMO drives the BTC20 presale
BTC20 is touted as Bitcoin on Ethereum. It is essentially a project that aims to provide another chance to crypto investors who missed out on BTC in its early days. The tokenomics mirrors BTC in many ways.
For example, BTC20 tokens are sold at the presale for $1, as a nod to the price of BTC during 2011. It has a total supply of 21M tokens, out of which 6.05M are sold in the presale stage at $1 each, similar to the BTC supply in 2011.
But the real appeal of the project lies in its stake-to-earn system that rewards investors for their loyalty to the project. At least 14.95M tokens are locked in the staking protocol. The rewards are distributed similar to the Bitcoin block schedule over approximately 120 years.
Like Bitcoin Cash, BTC20 has high growth potential this year.
yPredict and Launchpad XYZ continue to attract long-term investors
yPredict and Launchpad XYZ are both projects aimed at lowering the technical barrier to the crypto market. yPredict is a marketplace for curated price predictive models, whereas Launchpad XYZ is a Web 3.0 hub where you will find a variety of tools to navigate the complex space.
yPredict and Launchpad XYZ are similar in the sense that they allow investors to identify high-yield opportunities in the market. But the range of tools and functionalities on these platforms vary. But they have high market relevance in the coming years as traditional investors increasingly try their hands on cryptocurrencies and regulations become pro-crypto.
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