Worldcoin Price Shoots 28% As Global ID Verification Expands To 40 Countries

Worldcoin price has soared by 28% as the World ID project, co-founded by Sam Altman, expands its identity verification services to more than 40 countries.

This rapid international rollout includes recent launches in Costa Rica, Poland, and Austria, with a focus on creating a secure, decentralized ID system using biometric verification. Despite regulatory hurdles, particularly concerning the use of iris-scanning Orbs, Worldcoin’s global reach has steadily increased, boosting interest in its native cryptocurrency, WLD.

Worldcoin Price Shoots 28% As Global ID Verification Expands

Worldcoin (WLD) price has been on a bullish rally in the last 24 hours with the price swaying between  an intra-day high and low of $2.83 and $2.12, respectively. At press time, WLD price was trading at $2.80, a 38% surge from the support level and 66% in the last week. The World project’s expansion has made significant strides in Latin America, where new operations have been established in Colombia, Ecuador, and Guatemala.

By introducing Orbs in these regions, the project aims to secure identity verification and address digital fraud concerns. This approach has also resonated in parts of Europe, where recent launches in Austria and Poland have expanded Worldcoin’s reach despite regulatory challenges.

Regulatory scrutiny, however, remains an ongoing concern. Authorities in Spain and Germany have questioned the privacy implications of biometric data collection, as have regulators in South Korea. In Kenya, local officials suspended Worldcoin’s activities due to concerns about data privacy. These challenges illustrate the complex landscape Worldcoin must navigate as it seeks to establish itself in new markets.

Sam Altman Praises Project Growth Amid User Surge

Sam Altman, co-founder of the World project, recently celebrated the team’s progress, noting that over 16 million users have been verified via World ID. Altman praised the leadership of Alex Blania, World’s CEO, for successfully guiding the project’s expansion in a challenging regulatory environment.

“Amazing progress at World over the past year,” Altman stated on social media, adding that he feels optimistic about cryptocurrency’s future potential.

With millions of users now verified, Worldcoin’s global presence has driven increased interest in WLD. The rising adoption and visibility of the World project have contributed to WLD’s recent price momentum, with the token gaining traction as more users join the network.

WLD Price Analysis, Rally To $3?

As Worldcoin’s user base grows, WLD price has seen heightened trading activity. The recent 28% price increase aligns with a rise in trading volume, which has jumped by 76.56% to reach $2.38 billion.

Open interest has also surged by 38.51%, standing at $346.38 million. This growth in volume and open interest often suggests a bullish outlook, as new funds flow into the market, potentially supporting further upward movement.

Technical indicators also show positive trends for WLD. The Money Flow Index (MFI) stands at 70.51, close to overbought territory, while the Chaikin Money Flow (CMF) indicator reflects moderate buying pressure. Analysts suggest that if WLD sustains its current momentum, it could approach the $3.00 resistance level, though there is a risk of a pullback if buying pressure decreases.

Institutional Interest and Large Transactions Indicate Market Confidence

The surge in Worldcoin’s price has been accompanied by substantial activity from large holders and institutions. Over the past week, transaction volumes for trades above $100,000 reached $236.93 million, indicating a high level of institutional interest.
This suggests that larger investors are increasingly optimistic about Worldcoin’s long-term potential and are actively adjusting their positions in WLD.

With 45% of holders currently “in the money,” and profitable at the current Worldcoin price, the cryptocurrency has shown resilience amid volatility. While some analysts caution that the WLD price could experience short-term resistance, especially near the psychological $3.00 level, the sustained increase in large-scale transactions reflects a robust foundation of market confidence.

Source : CoinGape by Kelvin Munene Murithi - Nov 12, 2024