- Worldcoin has experienced a striking 28% increase in its price over the past 24 hours, fueled by the recent expansion of its identity verification initiative, World ID.
- Sam Altman, the co-founder of Worldcoin, recently acknowledged the project’s rapid progress, revealing that over 16 million users have been verified through the World ID project.
The price of Worldcoin (WLD) has experienced a remarkable 28% increase on its price, coinciding with a dramatic rise in trading volume, which has jumped by 115% to reach $1.43 billion. This sudden spike in value comes on the heels of an announcement regarding the expansion of its global ID verification services to 40 new countries, highlighting Worldcoin’s ambitions to create a universal digital identity system.
Recent launches in countries like Costa Rica, Poland, and Austria have significantly boosted Worldcoin’s international presence, even as it faces regulatory scrutiny in regions such as Spain, Germany, and South Korea. Sam Altman, the co-founder of Worldcon has expressed enthusiasm over the project’s swift growth, noting that more than 16 million users have been successfully verified so far.
World ID verification is now available in Costa Rica. pic.twitter.com/jQRLYhhfDO
— World (@worldcoin) November 6, 2024
By deploying Orbs devices in these key regions, Worldcoin aims to bolster identity verification processes and combat digital fraud. The initiative is also gaining traction in Europe, with successful launches in Austria and Poland, despite facing regulatory hurdles that challenge its operations. Notably, the Orb devices utilize the state-of-the-art NVIDIA Jetson chipset, offering enhanced capabilities compared to previous iterations, which allows World ID human verification processes to operate more quickly and effectively.
At its core, the World ID protocol is designed to mitigate the risk of Sybil attacks and combat the dissemination of AI-generated misinformation, including deepfakes. Utilizing biometric verification methods like iris scans and, more recently, facial recognition, World ID offers a robust means of identifying individuals. By collecting biometric data, Worldcoin aims to establish a “human passport for the internet,” facilitating secure access to accounts.
As reported by CNF, the Worldcoin project recently rebranded as “World,” and introduced a gas fee subsidy for users, funded by fees from bots and institutional users. This initiative, announced by World Foundation Advisor Liam Horne, will be integrated into the new World Chain, an Ethereum Layer-2 protocol. It aims to ease the burden of high transaction costs on individual users by using fees collected from bot activities and MEV arbitragers.
WLD Price Outlook
As Worldcoin’s user base expands, the trading activity for WLD has intensified significantly. The recent 28% price rise was followed by a remarkable 29.56% jump in its market capitalization, now totaling $1.74 billion.
Additionally, the is a notable uptick in activity from institutional investors and high-value traders. In the past week, transaction volumes for trades exceeding $100,000 have reached $236.93 million, indicating a growing interest from larger investors, as well as heightened market confidence. According to our data, WLD is priced at $2.72, with an increase of 26.51% in the past day, and a surge of 58.40% over the past week.
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