WorldCoin and NVidia Reach Record Highs Due to AI Hype
Introduction
The market continues to see crypto world record breaking digital assets. One such crypto innovation is WorldCoin, a secure and universally accessible cryptocurrency, aimed at enhancing inclusivity in the blockchain sector.
In this article, we discuss what the WorldCoin team aims to achieve through the launch of the token. We will also focus on the technologies that support the coin as well as how any person with internet and Wi-Fi data can access it.
WorldCoin Digital Currency registered a remarkable Price Increase
The price of WorldCoin (WDC), a cryptocurrency for the first crypto-powered digital ID project – founded by Sam Altman - surged by over 40% during a 24-hour period that stretched from 18 to 19 February.
Sam Altman, an entrepreneur and crypto lover, is the CEO of OpenAI, an AI research and deployment firm. At the time of writing WDC is trading at $7.89 after gaining by 240% within the last 30 days, as the following graph shows.
WorldCoin Price Movement – CoinGecko
As observed in The Graph, the World coin price started pumping on 15 February, shooting from $3.12 to $9.07 on 25 February before retracing to $7.89. As of 22 February the WDC coin had gained 320% and added $840 million to its market capitalization within a 10-day period
The major cause of the WDC price surge was the launch of Sora, a text-to-video AI app. However, it is important to note that Sora is not related to the World Coin token, except that Sam Altman, the CEO of OpenAI – responsible for launching the Sora AI app - is the founder of WDC
Therefore, World Coin soars due to crypto investors who may want exposure to a token which Sam Altman founded. This may be due to Altman’s reputation and investment track record.
The Performance of Other AI Tokens
The World Coin (WDC) was not the only AI token that was performing well during the cited period. In fact, several AI tokens like SingularityNET, Ocean, FetchAI (FET), Graph’s (GRT) and Render’s (RNDR) gained by over 17% within a day. Cumulatively, the value of most of these cryptocurrencies increased by over 50% within one week.
Reasons for World Coin Price Pump
Nvidia’s 2023 fourth quarter financial report was the trigger for the price surge of several AI tokens. The world’s leading chipmaker performed beyond the expected level, creating confidence in the artificial intelligence sector which boosted AI token gains. Specifically, the robust demand for AI-related products resulted in Nvidia earning over $22.1 billion.
Read also: Nvidia Fined More Than $5 Million Over Crypto Mining Disclosure
Due to this outstanding financial return there is a resurgence of interest in AI applications and other technologies. This might have also led to a higher demand for AI tokens than before.
We have already mentioned the contribution of OpenAI’s Sora application to the recent rise of AI token prices. In an interview with CoinDesk, Strahinja Savic, the head of data and analytics at FRNT Financial said, “The launch of [OpenAI’s] Sora [and] Nvidia’s impressive sales forecast are fuelling broader Optimism surrounding AI that is spilling over into crypto.”
Savic added “We’ve seen this in crypto in the past, where Metaverse-related tokens rallied when Facebook changed its name to Meta.”
The increased adoption of the World Coin project has also led to WDC price surge. The project recorded many new wallet addresses since the beginning of the year as the next graph shows.
Worldcoin Total Number of Holders - Santiment
As you notice on the graph, the total number of WDC coin holders increased remarkably since the start of the year. As a fact, since the beginning of the year to 23 February there were a total of 3,608 new WDC coin funded wallet addresses, taking the tally to 13,800. The next picture shows the updated data on the World Coin website.
Number of Users on Worldcoin – World Coin
As per the World Coin website there have been over three million sign ups. Definitely, as the number of users increases the coin’s demand and value may also rise. And remember that these statistics change on a daily basis.
Read also: Worldcoin Price Prediction & Forecast for 2024, 2025, 2030
World Coin’s Vision: Decentralized Digital Identification for Global Humanity Verification
The vision of Worldcoin - an eyeball scanning digital ID venture- founded by Sam Altman, Alex Blania and Max Novendstern, is to provide a global ID to prove “personhood in a bid to combat bots. The mission of Worldcoin is to generate unique digital identities for people and provide a global digital currency accessible to every human being who has internet service and a suitable gadget like a smartphone.
Every human being who wants to create his/her unique global identity using the World Coin should use a hardware device called an Orb to scan his/her iris which has a unique print just like one’s fingerprints. World Coin uses the scan copy to generate the person’s unique WorldID.
Interestingly, any person around the world can join World Coin and create his/her unique digital identity. The starting point for the process is downloading the World app.
How to get token incentives?
The Worldcoin Orb distributes WDC to the individuals who have scanned their eyes. However, the project has finished the Beta phase and distributed the token to over 2 million early adopters. As a result, World coin will continue with the distribution of WDC after the post-launch phase.
World Coin Soars
As we note, the price of WDC is likely to continue to surge with the increase in demand for the coin. In the meantime crypto investors can buy World Coin Tokens on various exchanges like Gate.io, Binance and Coinbase.
Conclusion
During February the World coin token gained much due to the rise in demand for the cryptocurrency. This project is very unique since it is the first one to create a global ID to prove “personhood” and afford many people the opportunity to acquire its coin, WDC. The project has already completed the beta phase and will soon embark on the post-launch stage.
FAQs about World Coin?
How much is 1 World Coin worth?
1 World coin is currently trading at $7.89. However, its value fluctuates from time to time. For example, on 15 February 1 WDC was worth $3.12 while on 25 February it was trading at $9.07.
What does World Coin do?
World Coin creates unique global digital identities that prove personhood. To generate a unique digital identity an individual should scan his/her retina using the World App.
How to make money with World Coin?
There are several ways investors can make money with WDC. They can buy and hold the coin, trade it or add liquidity to pairs that have the token. An individual can also earn money as an operator for the individual he/she signs up.
How much is World Coin worth in dollars?
One World Coin is worth $7.89 although it may rise in the future. The price of WDC increased around mid-February and has maintained a high value since then.
