Enter the world of cryptocurrencies and discover the captivating realm of Worldcoin. This digital revolution has sparked the interest of investors and enthusiasts worldwide.
Tools for Humanity, the visionary minds behind Worldcoin, have already scanned and registered over two million individuals using the Orb.
At its core, the system runs on WLD tokens. These governance tokens are determined by the community, serving as incentives for user participation. Verified users initially receive 25 WLD tokens, with potential future grants.
To store their digital IDs and cryptocurrencies, users can utilize the World App, which operates on the Polygon ($MATIC) network.
The WLD token, an ERC-20 token, launched on July 24, 2023, and has seen significant value growth since its listing on various cryptocurrency exchanges.
How much is Worldcoin (WLD) Worth?
Worldcoin is currently valued at $2.290 USD, with a 24-hour trading volume of $268.04M USD. Ranked #114 on CoinMarketCap, Worldcoin’s market cap stands at $267,110,074 USD.
With a circulating supply of 115,088,903 WLD coins and a maximum supply of 10,000,000,000 WLD coins, Worldcoin holds immense potential for growth.
Worldcoin Price Analysis: Rebounding from a Bearish Market
Despite facing a bearish market sentiment, Worldcoin made an impressive comeback by reclaiming the $2.30 level. This surge was fueled by increased investor interest, pushing the price to $2.31 and marking a 1.61% increase from the previous day’s close.
WLD/USD 1-day Chart Technical Analysis: Bulls Take Charge
Technical analysis of the WLD/USD 1-day chart reveals a bullish momentum, with the 50-day moving average line (MA) above the 200-day MA. The RSI indicator is in the overbought territory, while the EMA lines are moving in harmony. Breaking the $2.40 resistance point could set Worldcoin on a new all-time high, while dropping below $2.30 may indicate a bearish trend.
WLD/USD 4-hour Chart Technical Analysis: Bulls in Full Control
The WLD/USD 4-hour chart confirms the dominance of the bulls in Worldcoin’s price movement. The 50-day MA remains well above the 200-day MA, signaling a continued uptrend. The RSI indicator shows no signs of bearish divergence, and the EMA lines are trending upwards. Crossing the $2.40 mark has the potential to reach new heights, while falling below $2.30 could suggest a shift towards bearish sentiment.
What’s Ahead for Worldcoin Price Analysis
With a current trading value of $2.30, Worldcoin maintains its upward trajectory. While slightly below its all-time high of $2.40, it has recovered from recent market setbacks. Technical analysis across different timeframes points towards a general uptrend, with positive signals from the 50-day and 200-day MA. The next significant milestone for Worldcoin is the $3.60 resistance level, which, if surpassed, could lead to a new monthly high.
Latest News on Worldcoin
Worldcoin has made waves in the cryptocurrency world with its ambitious goal of onboarding 1 billion users by 2024, utilizing the unique Orb iris scanning devices. However, the company currently has only a few thousand users. Regulators, privacy advocates, and governments worldwide have voiced concerns about the legality and data privacy implications of collecting biometric data through iris scanning.
Worldcoin aims to establish universal access to the global economy, providing individuals across different countries and backgrounds with equal opportunities. The project was officially launched on July 24, 2023, after three years of development.
However, recent news reports reveal that the Worldcoin project has been suspended in Kenya due to safety concerns and privacy issues. The Kenyan government has temporarily halted the activities of Worldcoin in the country. This move comes after Worldcoin raised $115 million from venture capital investors, including Blockchain Capital, a16z crypto, Bain Capital Crypto, and Distributed.
Worldcoin’s vision includes providing users with a verified digital identity along with a cryptocurrency. Co-founded by OpenAI CEO Sam Altman, Worldcoin aims to revolutionize the concept of identity verification. One of its unique features involves scanning users’ eyeballs using a device called “The Orb.”
While Worldcoin has garnered attention and experienced a surge in price, there are critics who raise concerns about its premise and the potential risks associated with personal data collection.
As the cryptocurrency market evolves, it will be interesting to see how Worldcoin navigates these challenges and continues its journey towards the top. Investors and enthusiasts alike should keep a close eye on Worldcoin’s progress in the coming months.
Takeaway
Worldcoin presents an intriguing perspective on the realm of cryptocurrencies, with its unique features and potential for growth. Understanding its current value, price analysis, and recent news is vital for investors and enthusiasts alike. As Worldcoin navigates regulatory challenges and pursues global expansion, addressing data privacy concerns and compliance becomes essential. Staying informed and closely monitoring its market performance will provide valuable insights into Worldcoin’s future and its role in the ever-evolving crypto landscape.
Footnotes
What is cryptocurrency?
Cryptocurrency is a digital or virtual form of currency that uses cryptography for secure transactions, control the creation of new units, and verify the transfer of assets. It operates independently of any central authority, such as a government or financial institution.
How does cryptocurrency work?
Cryptocurrencies like Bitcoin work on a technology called blockchain. The blockchain is a decentralized ledger that records all transactions across a network of computers. When a transaction occurs, it is verified by multiple participants in the network, and then added to a block. This block is then added to the chain of previous blocks, creating an immutable record of all transactions.
Are cryptocurrencies legal?
The legality of cryptocurrencies varies from country to country. Some countries have embraced cryptocurrencies and have regulations in place to govern their use, while others have imposed restrictions or outright bans. It’s important to research and understand the laws and regulations in your jurisdiction before engaging in cryptocurrency activities.
How can I buy and sell cryptocurrencies?
You can buy and sell cryptocurrencies through cryptocurrency exchanges, where you can trade fiat currencies (such as USD or EUR) for cryptocurrencies, or exchange one cryptocurrency for another. These exchanges require you to create an account, complete a verification process, and provide a digital wallet address to store your purchased cryptocurrencies.
What is blockchain technology?
Blockchain technology is a decentralized system that enables secure, transparent, and tamper-proof recording of transactions. It consists of a chain of blocks, where each block contains a list of transactions. The technology has applications beyond cryptocurrencies, such as supply chain management, healthcare, voting systems, and more.
Is it safe to invest in cryptocurrencies?
Investing in cryptocurrencies carries risks, as the market is highly volatile and unpredictable. Prices can fluctuate dramatically, and there is a risk of losing your investment. It’s crucial to conduct thorough research, diversify your portfolio, and only invest what you can afford to lose. Additionally, using secure wallets and practicing good security measures can help protect your assets.
How do I store my cryptocurrencies securely?
Cryptocurrencies are stored in digital wallets, which can be software-based (online or offline) or hardware-based (physical devices). It’s essential to choose a reputable wallet provider, enable two-factor authentication, and keep your private keys offline and secure. Regularly updating your software and being cautious of phishing attempts can also enhance security.
Can I use cryptocurrencies for everyday transactions?
While the acceptance of cryptocurrencies for everyday transactions is growing, it is not yet widely adopted. Some merchants and online platforms accept cryptocurrencies as a form of payment, but it’s important to check if they support the specific cryptocurrency you intend to use. Additionally, the transaction speed and fees associated with certain cryptocurrencies can impact their practicality for everyday use.
What is the difference between Bitcoin and altcoins
Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Altcoins, or alternative cryptocurrencies, refer to all other cryptocurrencies besides Bitcoin. They include Ethereum, Litecoin, Ripple, and many others. Each altcoin has its own unique features, use cases, and underlying technology, differentiating them from Bitcoin.
How do taxes apply to cryptocurrency transactions?
Tax regulations regarding cryptocurrencies vary by country. In general, most jurisdictions consider cryptocurrencies as taxable assets and require individuals to report their gains or losses from cryptocurrency transactions. It’s advisable to consult with a tax professional or refer to the specific tax guidelines of your country to ensure compliance.
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Disclaimer:
All information has been prepared by TraderFactor or partners. The information does not contain a record of TraderFactor or partner’s prices or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may read it. Past performance is not a reliable indicator of future performance.
