Key Reasons Why Worldcoin (WLD) Price Soared 190%

WLD, the native token of Sam Altman’s iris biometric cryptocurrency project, Worldcoin, recently echoed a sense of frenzy across the broader crypto market. The WLD price chart showcased phenomenal gains over the past few days, nabbing significant attention across the global crypto realm. This surge in price comes primarily attributed to the AI project’s burgeoning adoption, as revealed by the token’s community on X, among numerous other factors.

As of writing, the Worldcoin price soared 38.60% in the past 24 hours and is currently trading at $7.24. The weekly charts further showcase a 179.72% upswing, as per data by CoinMarketCap.

Here are some of the key reasons for WLD’s price’s nearly 190% upswing this week.

Burgeoning Project Adoption Propells Bullish Sentiments

The Worldcoin community spotlighted a monumental achievement in its recent statement, revealing over 1 million subscribers to World App, Worldcoin’s wallet, this week.

According to the community’s recent post on X, dated February 17, the World App wallet users surpassed the 1 million mark, marking a storm of breakthroughs for the Worldcoin project. This sudden jump in the massive adoption of the project promptly gained traction, aligning with the WLD price rally.

Whale Accumulation Propels Upswing

Meanwhile, a whale’s massive 2.09 million WLD accumulation from a CEX further caused a 25% pump recently. According to a report by CoinGape Media, a wallet address 0x0007, strategically accumulated 2.09 million WLD tokens valued at $5.82 million from Binance, one of the world’s leading cryptocurrency exchanges, pushing the price up over 25% this week.

Alameda’s WLD Holdings Sparks Speculations

Alameda Research, a bankrupt cryptocurrency trading firm, still holds 25 million WLD, worth $167 million, amounting to a whopping 19% of Worldcoin’s total circulating supply. This has birthed additional inferences among crypto market enthusiasts globally.

According to SpotOnChain, these WLD tokens were acquired by Alameda on August 15, the previous year, and still remain untouched. With the prices surging phenomenally in recent days, Alameda may dump significant amounts of WLD tokens, aiming to repay creditors. Concerning this, crypto market fanatics appear to be eyeing the WLD token and its on-chain metrics extensively. However, Alameda’s significant accumulation with no dumps in recent days, further aids in maintaining the price upswing jotted by WLD.

Also Read: Goldman Sachs Raises S&P 500 Target to 5,200, Will Bitcoin (BTC) Follow?

Sora Mirrors Optimism For AI Buzz

Sam Altman’s recent revelation of Sora, a text-to-video platform further adds up to the optimism orbiting around the AI-based Worldcoin project’s token, WLD. As seen in numerous replies on Altman’s recent post about Sora on X, the AI platform seems to be gaining immense popularity even before its official launch. As Sam Alman’s OpenAI showcases immense growth and potential with its new Sora buzz, Sam’s AI-based project Worldcoin also draws parallels, revolutionizing digital humanness, as per the token’s community. This appears to be further aiding the price upswing.

Bullish Market Sentiments Prevail

Intriguingly, with the upcoming Bitcoin halving and the looming anticipation of an Ethereum ETF hovering over the crypto horizon, the next stage for a crypto bull run appears to be readying itself. With this sentiment primarily prevailing in the market, altcoins appear to be benefiting parallelly. Concerning this, the pump in Worldcoin price is not unthought of.

Derivatives Data Mirrors Optimism

Meanwhile, the WLD token’s derivatives data hinted toward an uptrend in the market. A strong investor confidence appears to be further aiding Worldcoin’s price upswing. The derivatives data for the WLD token illustrated a staggering 34.45% jump in the token’s open interest, signaling an uptrend when aligned with the colossal surge in price. A notable rise in volume, per data by Coinglass, additionally aids the token’s uptrend.

The aforementioned data has birthed a bullish climate for Sam Altman’s AI-based token, WLD. The token skyrocketed over 170% this week, reaching an ATH of $7.35 today, February 19.

Also Read: Ethereum (ETH) Price Surges After This Vitalik Buterin’s AI Comment

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