Worldcoin's Native Token WLD Experiences Downturn, Analyst Predicts Massive Rally

According to CryptoPotato, Worldcoin's native token, WLD, experienced a surge of approximately 130% over the past year, but the upward momentum was short-lived. The rally appears to have come to a halt, with WLD witnessing a decline of around 20% from its peak of $4.68 within less than 10 days. Despite this downturn, data indicates the possibility of a massive rally soon. Crypto analyst Ali Martinez suggests that Worldcoin is exhibiting signs of a breakout from a bull flag on its 4-hour chart, which could lead to an 80% surge, targeting $6.30. Worldcoin has been a source of controversy since its inception. Despite gaining global attention, it wasn’t until November that WLD began to gain traction. The token eventually reached its peak on December 18th at $4.68 during a broader market upturn but has since retreated to $3.81. On the regulatory front, the journey has been less than smooth, with Worldcoin quietly suspending its Orb-verification service in India, Brazil, and France shortly after expanding the eyeball-scanning device to those markets. Worldcoin has attracted prominent entities such as Andreessen Horowitz, Khosla Ventures, and Reid Hoffman as its backers. The project secured an initial funding of $25 million in October 2021, and in less than a year, an additional $100 million was raised, pushing the token’s valuation to $3 billion. Worldcoin transitioned out of beta status on July 24, 2023, introducing 11 orb locations in the United States and outlining plans to expand to 35 cities across 20 countries. However, the formal launch of the WLD token did not take place in the US. In August 2023, Kenya, one of the initial countries where Worldcoin was introduced, suspended its enrollment in the program, citing concerns related to security, privacy, and financial matters. The iris biometric crypto project was developed by San Francisco- and Berlin-based Tools for Humanity. It uses a Proof-of-Personhood (PoP) mechanism that verifies an individual’s humanness and uniqueness. However, experts remain unconvinced with the concept. Bob Bodily, a blockchain specialist and the CEO of Toniq Labs, a web3 infrastructure company, emphasized that there are several more secure methods for confirming human identity, rendering the Worldcoin verification process outdated. He pointed out various flaws in the Worldcoin verification model, notably its high centralization, as users are restricted to validation through the official hardware exclusively developed by Worldcoin, thereby restricting accessibility.