Worldcoin (WLD) Surged by 50% Last week Amidst Binance Trading Activity, But There’s a Catch

Worldcoin (WLD), the cryptocurrency that has been gaining traction in the digital asset space, witnessed a substantial surge of more than 50% according to Kaiko data. This surge was notably amidst a flurry of heightened trading activity on Binance, one of the world’s leading cryptocurrency exchanges.

However, the initial euphoria was short-lived. In the subsequent days, the Cumulative Volume Delta (CVD) for Worldcoin turned sharply negative. This shift in CVD is a critical indicator, pointing towards a strong inclination towards market selling among traders and investors. It reflects a potential change in market sentiment, possibly driven by a variety of factors including market speculation, investor behavior, and external market conditions.

Worldcoin distinguishes itself through its innovative “proof of personhood” mechanism, utilizing biometric iris scanning technology. This unique approach has seen the project reach remarkable milestones, particularly in Chile, where it has reportedly enlisted 200,000 Chileans since its inception. Given Chile’s population of approximately 19.5 million residents, this implies that over 1% of Chileans have signed up to receive Worldcoin’s grant in the form of WLD, the protocol’s native token.

This notable growth underscores the escalating popularity of Worldcoin across South American nations, reflecting a burgeoning interest in the World ID app’s proposition. Responding to this surging demand, Tools For Humanity, a key contributor to Worldcoin, has intensified its operations in Chile.

The organization has established additional verification stations in Vina del Mar and Concepcion while sustaining its verification endeavors in Santiago, the nation’s capital.

The allure of the Worldcoin project transcends Chilean borders, extending its reach to other Latin American countries, which have warmly embraced the project, attracted by its innovative grant offerings. In a remarkable feat in August, the organization disclosed that it had registered over 9,500 Argentines in a single day, translating to one verification every nine seconds. This achievement is particularly noteworthy considering the presence of merely four verification stations in Argentina at the time.

Worldcoin’s journey over the last week, marked by a significant surge followed by a sharp increase in market selling, exemplifies the volatile and dynamic essence of the cryptocurrency market.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.