Why is Worldcoin (WLD) Price Up 200% Within a Week?

Worldcoin has seen its token price surge by over 200% in the last seven days. The token went from a weekly low of $2.51 to a high of $7.44. WLD also surged 40% in the last 24 hours. The cryptocurrency reached a high of $7.63 from a low of around $5 during this period. Several key factors seem to be contributing to this immense momentum.

1 Million Wallet Users Powers Breakout

The core driver of Worldcoin’s weekly rise is that it exceeded 1 million daily users for its World App wallet last week. Reaching the 7-digit userbase marks a huge leap towards mass adoption for the cryptocurrency.

The Worldcoin network revolves around an identity layer protocol called World ID that allows users to verify their “proof-of-personhood” in a privacy-preserving manner using cryptography like zero-knowledge proofs. Crossing the adoption milestone advances its ability to create this human-centric global identity system.

Alameda Holdings Speculation Circulating

Notably, Alameda Research, the high-profile crypto trading firm that filed for bankruptcy last year, still maintains a position of 25 million WLD. This sum equals 19% of the token’s circulating supply and is currently valued at $167 million.

With Alameda needing to repay creditors after insolvency, some speculate they could dump their tokens. However, with no sales made recently despite surging prices, confidence seems to be high, so they will maintain holdings.

Whale Accumulation Adds Buying Pressure

In addition to the milestone announcement propelling interest, a crypto whale acquiring 2.09 million WLD worth $5.82 million from Binance added upside price pressure this week, according to SpotOnChain. Significant accumulation signals conviction in Worldcoin’s long-term trajectory.

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Stepping back, the crypto markets have been building momentum ahead of Bitcoin’s next halving in 2024, which historically marks the start of renewed bull runs. Paired with increasing optimism for Ethereum ETF approval, sentiment remains strong. Worldcoin appears to be benefiting from this rising tide.

Finally, Worldcoin founder Sam Altman demonstrated his latest AI venture, Sora, this week to substantial community reception. With Altman’s OpenAI making waves already, his status fuels publicity and engagement for his other crypto projects like Worldcoin too.

Overbought In The Short Term

Despite the overwhelmingly positive news, the RSI indicator measuring short-term price momentum stands at 93 on the daily chart. Readings over 70 generally signify overbought conditions. This signals WLD could be due for a cooldown in the coming days as buyers take profits.

Overall, Worldcoin’s achievement of 1 million daily users signifies impressive product-market fit. With tailwinds from broad crypto market optimism, WLD looks positioned to see further growth on a long-term horizon even if prices moderate after this week’s vertical ascent.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency