In the last week, Worldcoin (WLD) experienced a massive rally, hitting an all-time high of $9.50 on February 25, with a whooping market cap surpassing $1 billion. However, news of Elon Musk’s lawsuit against OpenAI triggered a 40% sell-off, driving WLD’s price down to $5.60 on March 5.
Despite this setback, on-chain indicators suggest bullish sentiment among long-term holders and whale investors. This sudden bullish momentum has turned the market upside down for WLD waging a significant rally call. Notably, crypto whales’ insane accumulation of WLD tokens, with an additional 720,000 tokens purchased between March 2 and 7, following Musk’s lawsuit shows investor confidence in the coin.
Big News Boost
In the meanwhile, the recent announcement from Sam Altman, co-founder of Worldcoin and CEO of OpenAI, regarding the expansion of the OpenAI board has boosted the market for WLD. The company is riding high with new board members, including Fidji Sami, Sue Desmond-Hellmann, and Nicole Seligman, signaling a strategic shift within the organization. This move is seen as a well-connected thought within the community, showcasing the dedication and transparency of the top leadership.
The CEO praised the contributions of the company’s CTO, Mira Murati, and its President and co-founder, Greg Brockman, for their ongoing support in driving the company forward. Altman while praising the team for handling such problems also admitted his past decisions and aims to take lessons from his mistakes.
WLD Navigating Regulatory Waters, Yet Soars High?
Following its success, Worldcoin is currently facing regulatory issues in Spain because of its data collection methods like biometrics. Spain’s data agency told Worldcoin’s parent company to stop collecting citizen’s data and to hold onto any data they’ve already collected.
In response, Worldcoin showed its willingness to follow regulations such as the GDPR by filing a lawsuit against Spain’s data protection agency. Worldcoin says they use the data for secure identification, but privacy experts worry they might use it for personalized marketing. This has prompted investigations from other countries like France and Germany.
With all these changes happening, Worldcoin’s price shot up by a whopping 45%, reaching over $10. This big jump showed that investors were happy about Altman’s news and were confident that Worldcoin could handle any legal issues. Right now, Worldcoin’s price is sitting at $10.59, showing strong trading activity and impressive growth over the past week and month.
So, is this the turning point for Worldcoin? With big developments on the horizon and a dedicated community behind it, things are looking bright for this innovative cryptocurrency.
