Worldcoin has emerged as one of the best-performing cryptocurrencies on the market y far over the last 24 hours and the last week.
Why is this happening?
It turns out that every aspect of worldcoin has been in the media spotlight as of late, from Sam Altman and his $7 trillion funding to the $WLD cryptocurrency itself to the Worldcoin "Orbs".
Over the last day, $WLD has risen by more than 40% according to CoinMarketCap and Coingecko, and is showing no signs of slowing down.
Let's go over some regulatory hurdles and privacy backlash in some regions.
In the last week, both Worldcoin's token price and user base have grown significantly. According to an 18 February post from the project's official X/Twitter account, Worldcoin's crypto wallet app (World App) just recorded more than one million daily active users in a single day.
This feat is impressive because this figure stands as a tenfold increase from what it used to be just a few months ago, in November 2023.
The project credits this massive growth to how well it has been able to go global, resulting in the deployment of over 3,000 Orbs in more than 100 countries.
These figures show an increased demand for both the service that Worldcoin renders, as well as the official $WLD token.
According to data from CoinMarketCap, this demand is also reflected in the price increases the cryptocurrency has enjoyed over the last day and week.
According to the snapshot, WLD has rallied by about 40% over the last day, and by a staggering 190% over the last week, as of the time of writing.
Moreover, its market cap has also soared by more than 200% to nearly $1 billion over the last week, catapulting it straight up from the 102nd largest cryptocurrency by market cap, to the 75th.
Worldcoin's growth may also have been pushed further upwards by the recent announcement of OpenAI's new Text to Video AI, as well as Altman's bid for a whopping $7 trillion to fund and scale OpenAI's semiconductor chip development.
Even with its rapid expansion, Worldcoin is not without difficulties.
Worldcoin has been bashed repeatedly by users, regulators and governments alike, due to concerns with privacy and security. T
There have been numerous concerns about the project misusing or even selling users' personal information.
Recently, even, the Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong launched an investigation into Worldcoin's activities on 31 January, due to issues with "serious risks to personal data privacy."
The PCPD also announced that had executed warrants on six Worldcoin-controlled facilities in Hong Kong as part of their investigation.
Even worse, Worldcoin has been faced with harsher regulatory scrutiny from other countries like Kenya and India, where its services have either been halted or banned entirely, because of these same privacy concerns.
Overall, the privacy issues aside, Worldcoin appears to be a very promising project that may one day take over, in a world where every human needs a verifiable, decentralized means of identification in any country, continent or planet.
As shown below, Worldcoin has broken above its previous all-time high of $5.29 and is now exploring higher highs.
But where to from here?
The first thing to know is that a pullback anywhere from here would be completely normal and healthy.
Moreover, the RSI (currently at 93) on the daily chart, shows signs of extremely overbought conditions.
This indicates that the cryptocurrency might more than likely experience a pullback.
If Worldcoin were to experience a pullback, we might see the cryptocurrency hit anywhere between $5.96 and $4.844, where the bulls will likely attempt to initiate a rebound.
After this pullback and consolidation, we can expect a 99.5% rally, straight up to around $9.53.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.