Worldcoin price soared to $3.58 shortly after launching but traders and crypto advocates have many concerns.
Worldcoin (WLD), the native token of the “privacy-preserving digital identity (World ID)” project founded by OpenAI co-founder Sam Altman, soared after listing on major crypto exchanges on July 24.
At the time of writing, WLD trades at $2.22, reflecting a 33% gain on the day. Despite criticism from nearly every corner of the crypto sector, WLD’s one-day performance eclipses that of Bitcoin
and the remainder of the crypto market, which has sold off throughout the day.
For many traders, one area of concern is WLD’s circulating supply versus its supply cap. With only 1% of the total supply currently in circulation, Worldcoin has a fully diluted market capitalization that exceeds $22 billion.
Worldcoin taking a page out of SBF Solana eco playbook, launching and pumping a microcap shitcoin with 1% of total supply in circulation.
$22.8 billion fully diluted market cap.
lol, lmao even pic.twitter.com/xtN8P4SFij
— Dylan LeClair (@DylanLeClair_) July 24, 2023
The token launch entailed 143 million WLD being issued. Notably, 100 million WLD were allocated to market markers, with the remaining tokens being received by investors who verified by scanning their iris during Worldcoin’s pre-launch process.
Even with the concerns about the token’s price stability and long-term valuation, Binance, Bybit, Huobi, OKX, Gate.io and KuCoin have listed the Worldcoin and its current 24-hour trading volumes exceed $348 million, according to data from CoinGecko.