Worldcoin's Surge to 10 Million Users: Growth amid Global Regulatory Hurdles
[TL; DR]
WorldCoin attained an important milestone after registering over 10,000 users.
Several governments have instituted investigations into WorldCoin’s activity.
WLD may reach $ 25.92 by the end of 2025.
Introduction
The cryptocurrency space has been evolving over the years with innovations coming on the market from time to time. For example, some blockchain projects have introduced new products such as real world asset tokenization. WorldCoin is one crypto project that has launched a fascinating digital product which has the potential to revolutionize the way people view digital assets like cryptocurrency.
In this article, we cover Worldcoin’s recent milestones and growth. We shall also analyze its products and their potential on the market. Finally, we will uate the performance of the Worldcoin token (WLD).
Worldcoin’s Achievement of Reaching 10 Million Users
Worldcoin, a DeFi project- co-founded by OpenAI’s Sam Altman - the CEO of OpenAI-, Max Novendstern and Alex Blania, has achieved a 10 million user milestone for its World App wallet. On 11 April Tools for Humanity, the organization behind Worldcoin (WLD), announced that achievement.
This crypto project growth has demonstrated that many people are interested in being part of it. Notably, Worldcoin’s basic vision is to create a global identity that overcomes a key limitation of AI through “Proof of Personhood.
Worldcoin’s Rapid Expansion History
Since its launch on July 24, 2023 the WorldCoin eco has experienced a rapid crypto user expansion. Such a development has resulted in an increase of WLD coin’s circulation from 100 million to 134 million within one year. During the same period over 800,000 verified users claimed more than 34 million WLD.
On 24 September 2023 alone, for instance, more than 200,000 people signed-up from Chile alone. This number represents about 1% of the Chilean population. Another similar daily milestone was attained in August of the same year when over 9,000 individuals signed-up from Argentina, indicating a high demand for the application. It is interesting to note that there are several benefits for verified users such as fee-free transactions.
Since its inception more than two million people have used the Orb device, thereby embracing the digital identity verification program as well as supporting the fair wealth distribution through the acquisition of WLD. Such a rapid increase in the number of Worldcoin app and wallet users has indicated that many people are willing to allow biometric data collection for the sake of improving their welfare .
It is also important to realize that the Worldcoin adoption rate is high in countries that use cryptocurrencies and other digital assets the most. Currently, people can access the WorldCoin Orbs in 78 countries including Argentina, Brazil, Chile, Germany, Hong Kong, Japan and Portugal.
As you may remember, these are the countries with the highest crypto adoption rates in the world. Right now, for example, WorldCoin Orbs are accessible in two locations in Brazil, three in Germany, one in Hong Kong and two in Tokyo, Japan.
Portugal, Spain, South Korea, Singapore and the United States (US) are the other countries with high WLD crypto wallet transactions. The existence of the locations, however, should not imply that the countries have officially approved the Worldcoin services.
The Growth Trajectory of the World App since Its Launch
Since the inception of the WorldCoin application, one of the leading financial technology innovations, its adoption has been increasing. As an example, by November 2023 it had more than 4 million downloads and over 2 million daily active users. This is because the World App, based on where to buy TRON infrastructure, has a friendly interface and promotes private digital identity for the users.
To login to the World ID platform, one should prove his/her personhood using his/her World ID. Nonetheless, this digital app is different from many others in that it supports a limited number of cryptocurrencies. Currently, the app only supports DAI, USDC WETH, Beta WLD and WBTC.
However, for the WorldCoin founders and developers the user statistics are not the most encouraging thing. What is most important is the impact of the WLD token and the entire WorldCoin on humanity.
Commenting on the WorldCoin blog, Tiago Sada, Head of Product at TFH, said, “We’re of course thrilled about the milestone, but even more so about the real world impact it represents. A lot of projects in the community have worked for years on the fundamental building blocks of Ethereum. World App shows what’s possible when you make these simple, delightful and useful for everyday life.”
One reason many people are interested in the WLD coin is its purported universal nature. The project designers and developers aim to distribute the coin to promote universal basic income with the focus of improving the welfare of its users. The good thing is that anyone of the right age can acquire the token.
Risks and Challenges
Despite its early successes the coin and project are facing various obstacles and risks. Probably the biggest risk the project is facing is regulatory scrutiny. Legal enforcement indications in many countries show that some authorities are against the WorldCoin project due to its digital identity verification element. For example, according to a TechCrunch publication, by December 2023 WorldCoin had pulled from India, Brazil and France due to fear of regulatory scrutiny.
Some sectors of the community are questioning the safety of the data which WorldCoin acquires from its users. Such people have voiced the concern that the project is collecting too much data from its users. They fear that the data may be misused or leaked as time goes on. Such concerns may deter other people from investing in the project. Some governments that are concerned about the safety of their citizens may increase their regulatory scrutiny.
Vitalik Buterin, Ethereum’s co-founder, is one respected individual who has voiced his concern over the data which WorldCoin collects. In his blog entitled, “What do I think about biometric proof of personhood?” Buterin has identified the key challenges of gathering individuals’ biometric data as security risks, centralisation, privacy and accessibility.
Finally, another big challenge is that of WLD price volatility. Whereas many users may acquire it its value may fluctuate significantly to the extent of eroding its utility in the digital economy. Similarly, the fact that the coin is competing with many established coins like BNB, Bitcoin, ETH and Tether USD makes it more vulnerable to price fluctuations.
Read also: WorldCoin and NVidia Reach Record Highs Due to AI Hype
Analysis of WLD’s Price Performance and Market Trends
The WorldCoin token (WLD) has experienced mixed fortunes since its inception. Nevertheless, it has been performing well this year due to a number of reasons. For example, in February the coin surged dramatically after its co-founder, Sam Altman, announced the launch of OpenAI’s Sora, a text-to-video tool. From that time till the end of March the token rallied as the following picture indicates.
WorldCoin Price Performance – CoinGecko
As The Graph above shows, WLD rallied between mid-February and mid-March. Sadly, though after that period its price has been gradually falling. At the time of writing, the token is trading at $5.50 after gaining by 6.6% and 12.7% within the previous 24-hour period and one week, respectively.
Despite these recent gains, the token had not been performing as expected as it recorded average declines of 24.2% and 29.6% within a fortnight and one month respectively. Nonetheless, several analysts have predicted a strong WLD price performance for the next two to three years. CoinCodex forecasts the price of the WLD token to reach $ 18.03 by end of May, after rising by 224.19% as the next price prediction graph indicates.
WorldCoin Price Prediction Chart - CoinCodex
There are several indicators that show a possible short term WLD bullish rally. First, its Fear and Greed Index is green as it stands at 72, indicating a bullish period ahead. However, its Relative Strength Index (RSI) reading of 44.17 shows a neutral market state.
Take a look at WLD price forecasts from Gate.io analytics
Presently, the coin’s closest key resistance levels are at $ 5.85, $ 6.09 and $ 6.58. On the contrary, its nearest support levels are $ 5.12, $ 4.63 and $ 4.39. CoinCodex predicts that WLD may reach $ 25.92 by the end of 2025. In addition, during the previous week WLD was positively correlated with Aave (AAVE), SingularityNET (AGIX), Shiba Inu (SHIB), Fantom (FTM) and Sandbox (SAND).
The Future of Worldcoin
WorldCoin has a bright future since it has unique use cases. Many people support it as it promotes global wealth distribution due to its accessibility to all eligible people worldwide, irrespective of their locations. Also,since many people can easily get it, its value may continue to rise in the future. It’s worthy noting that the team behind the project is innovative as they constantly create new features and usability.
Conclusion
WorldCoin reached a milestone after it recorded more than 10,000 users with around 2 million daily active users. Despite its rapid crypto user expansion the project faces several risks which include price volatility and regulatory scrutiny. In the meantime, some analysts believe that the WLD price may reach $ 25.92 by the end of 2025.
FAQs about WorldCoin
Does WorldCoin have a future?
Based on its technology and the products it offers WorldCoin has a bright future. Many people acquire the WLD token since it helps to distribute wealth throughout the world. Also, people of varying ages around the globe can acquire the token with little investment. However, it faces regulatory risks from governments that aim to protect their citizens from data misuse and leakage.
How much is 1 WorldCoin worth?
The current WorldCoin price is $5.50 after gaining by 12.7% within the last one week. It is currently trading 52% lower than its recent all-time high of $11.74 it attained on 10 March.
Why is WorldCoin dropping?
During the last 30 days the price of WLD dropped by 30.2% as a result of the depressed crypto market and a fall in its demand. The market expects its price to rise after the recent bitcoin halving event which may trigger a market-wide rally.
What is the purpose of WorldCoin?
In general, the WorldCoin is a decentralized global economy that aims to empower human beings by affording them the chance to acquire basic universal income. People around the world are free to acquire the WLD token at very low cost.
How to buy WorldCoin?
You can buy WorldCoin at various centralized and decentralized platforms using different currencies like the United States dollar. One of the best and most secure platforms to purchase WLD is Gate.io centralized exchange. You can convert any major cryptocurrencies like Bitcoin or ETH to WLD.
