WorldCoin launch raises concerns as WLD price records double-digit gains

WorldCoin (WLD), the native token of the “privacy-preserving digital identity (WorldID)” project founded by OpenAI co-founder Sam Altman, soared after being listed on major crypto exchanges on July 24.

At the time of writing, WLD is trading at $2.22, representing a gain of 33% on the day. Despite criticism from almost every corner of the crypto sphere, WLD’s 1-day performance has outperformed Bitcoin (BTC), Ether (ETH),

For many traders, one area of ​​concern is the circulating supply of WLD versus its supply limit. With only 1% of the total supply currently in circulation, WorldCoin is grossly undervalued by a market capitalization of just over $22 billion.

WorldCoin SBF is taking a page out of the Solana Eco playbook, launching and pumping out a microcap shitcoin with 1% of the total supply in circulation.

The market capitalization of $22.8 billion was completely reduced.

haha, lmao too pic.twitter.com/xtN8P4SFij

— Dylan LeClair (@DylanLeClair_) 24 July 2023

Connected: worldcoin Token launch sparks reaction from Vitalik Buterin

Of the 143 million WLD issued in the token launch, and specifically, 100 million were allocated to market markers, the remaining tokens were received by investors who verified their iris scanning during WorldCoin’s pre-launch process.

Despite concerns about the token’s price stability and long-term valuation, WorldCoin has been listed by Binance, Bybit, Huobi, OKEx, Gate.io and KuCoin, and it currently has a 24-hour trading volume of over $348 million, according to CoinGecko data.