In a span of just one month since its launch, Worldcoin’s WLD token has encountered significant challenges, with a 9.1% price decrease in the past 24 hours and a striking 43.6% loss over the last 30 days.
This decline comes after the cryptocurrency project led by Sam Altman introduced its token to the market.
As of 4:15 p.m. HKT, WLD was trading at approximately $1.33, a substantial drop from its initial price of $2.36 a month ago, according to data sourced from CoinGecko.
Jeff Mei, the Chief Operating Officer of crypto exchange BTSE, expressed concerns regarding this recent downward trend in the value of Worldcoin’s WLD token. Mei noted that this trend contrasts with the recovery seen in other tokens, like Ripple’s XRP.
“Worldcoin’s WLD token is facing challenges, particularly due to the regulatory landscape and data privacy concerns,” said Mei.
He elaborated that the regulatory issues have led to restrictions on U.S. residents purchasing or trading the token, intensifying selling pressure.
Reports have also emerged about Kenya’s parliament forming a committee to investigate Worldcoin’s activities within the country.
Worldcoin’s project, spearheaded by Tools for Humanity, was co-founded by Sam Altman, Alex Blania, and Max Novendstern in 2019. The project encourages users to establish their online identity through a World ID, facilitated by an iris scan.
At the time of writing, Tools for Humanity had not responded to requests from The Block for comments.
The road for Worldcoin has been rocky, with Kenya suspending the project earlier this month. This decision followed reports that Worldcoin had already garnered over a quarter of a million users in Nairobi, Kenya’s capital, by December 2022.
Furthermore, Bavaria’s State Office for Data Protection Supervision initiated an investigation last year due to concerns about how sensitive data collected might be used.