Altcoin Worldcoin has been on the agenda of the cryptocurrency world for two days. Sam Altman’s Worldcoin has taken the crypto community by storm after its launch on Monday. However, the initial excitement subsided. Afterwards, critics asked questions about the altcoin’s tokenomic and privacy risks. Accordingly, this caused the WLD price to drop from its all-time high.
Rollercoaster launch of Altcoin Worldcoin
With the launch of spot and futures trading on multiple crypto platforms, Worldcoin (WLD) rose an astonishing 3.545% to hit an all-time high of $5.29. Accordingly, it made a fiery entry into the market. However, the current trading price of the altcoin WLD token stands at $2.05.
$WLD market maker agreement. They have incentive to sell the it full stack above ~$2.80 since they can rebuy below that price in 3 months risk free. I expect them to sell anywhere above $2. Dips below could be worth buying. Initial supply 100m (MMs) + ~40m airdrop pic.twitter.com/BAiclVQJyy
— MomoCrypto (@MomoOnChain) July 24, 2023
Altcoin WLD has faced intense public scrutiny, with concerns about tokenomics and token distribution to market makers being voiced. According to the Dune Analytics platform, market makers controlled as much as 95% of the token at launch, sparking discussions about its effects on the token’s price.
Centralization risks highlighted
Vitalik Buterin, co-founder of Ethereum, warns of the potential dangers associated with the launch of Worldcoin (WLD). In a blog post, Buterin highlighted concerns about centralization, security and privacy. It also sheds light on the risks facing the ambitious crypto project.
Despite the project’s plans for decentralization in the future, Buterin raises some critical concerns regarding users’ data privacy. The device used to capture biometric data, known as the Orb, has come under criticism for potential privacy leaks and erosion of online anonymity. In addition, the current status of the project also opens the door to pressure from authoritarian governments. This will endanger the security of users’ sensitive information.
WLD price rally is over
Altcoin Worldcoin initially experienced a significant price increase after its mainnet launch. It rose to an all-time high of $5.29 on Binance. However, concerns about security and privacy risks have affected WLD’s price. It also seems to have resulted in most of his earnings being wiped out. At the time of this writing, the token is trading at $2,024. This shows the impact of growing concern within the crypto community.
While Altcoin Worldcoin is grappling with these problems, the crypto world is watching the project closely. On the other hand, it awaits updates and developments that may shape the future course of the project. When we look at Kriptokoin.com, we see that the enthusiasm for the project continues today. In particular, the cryptocurrency community on Twitter continues to discuss the project.
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