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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Mar 09, 2024 11:53 UTC
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Worldcoin (WLD) Price Up by 45%: OpenAI Expansion Fuels Bullish Outlook
Worldcoin (WLD) experienced a rollercoaster ride recently, with a price surge followed by a drop due to Elon Musk's lawsuit.
Worldcoin is facing regulatory issues in Spain due to data collection practices, but the company is taking legal actions to address them.
Worldcoin's price has grown significantly, suggesting investor optimism about the future.
In the past week, Worldcoin (WLD) took investors on a wild ride, hitting a record high of $9.50 on February 25. However, Elon Musk’s lawsuit against OpenAI triggered a 40% sell-off, dropping WLD’s price to $5.60 on March 5.
The week began with excitement as WLD soared to a market cap exceeding $1 billion. Yet, Elon Musk’s legal clash cast a shadow, leading to a significant market correction.
Despite the dip, on-chain indicators show bullish sentiment among long-term holders and whales. Crypto whales bought an additional 720,000 WLD tokens between March 2 and 7, indicating confidence in the coin.
Altman’s Optimistic Move
In the meanwhile, the recent announcement from Sam Altman, co-founder of Worldcoin and CEO of OpenAI, regarding the expansion of the OpenAI board has boosted the market for WLD. The company is riding high with new board members, including Fidji Sami, Sue Desmond-Hellmann, and Nicole Seligman, signaling a strategic shift within the organization.
Altman praised key team members, CTO Mira Murati and President Greg Brockman, for navigating challenges. Altman also admitted past mistakes, emphasizing the importance of learning.
Also Read: OpenAI Says Elon Musk Regrets His Early Exit
Regulatory Hurdles in Spain
Following its success, Worldcoin is currently facing regulatory issues in Spain because of its data collection methods like biometrics. Spain’s data agency told Worldcoin’s parent company to stop collecting citizen’s data and to hold onto any data they’ve already collected.
In response, Worldcoin showed its willingness to follow regulations such as the GDPR by filing a lawsuit against Spain’s data protection agency. Worldcoin says they use the data for secure identification, but privacy experts worry they might use it for personalized marketing. This has prompted investigations from other countries like France and Germany.
Turning Point Ahead!
Despite hurdles, Worldcoin surged by 45%, exceeding $10. Investor optimism, fueled by Altman’s news, resulted in strong trading activity. Currently, Worldcoin sits at $10.59, reflecting robust growth.
With a week of highs and lows, Worldcoin faces challenges. Will it overcome and thrive, or are more hurdles ahead? Only time will reveal the fate of this innovative cryptocurrency.
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