Worldcoin (WLD) – Eye of the Storm: Soaring Signups Meet Legal Battles in Volatile Market

Worldcoin (WLD), the cryptocurrency backing Sam Altman’s eyeball-scanning digital ID project, is facing a mix of bullish and bearish forces. Up 3.76% in the past 24 hours, it’s still down over 11% for the week. Here’s a deeper dive for traders:

1. OpenAI Lawsuit Throws a Wrench in the Works

Billionaire Elon Musk, a key financial backer of OpenAI (the creators of Worldcoin), threw a curveball with a lawsuit filed on March 1st. He accuses OpenAI of unfair business practices, breach of fiduciary duty, and breach of contract related to their AI tool, ChatGPT-4. This news sent shivers down the spine of investors, causing a price dip last week alongside a drop in trading volume. How the lawsuit unfolds could significantly impact WLD’s price.

2. February Frenzy, March Uncertainty

February was a wild ride for WLD. The token nearly doubled in price before retreating. But there are positive signs. The Worldcoin project boasts a rapidly growing user base and is planning a crucial upgrade to its Orb, the central component of their services. Analysts are bullish on WLD’s long-term prospects, believing the growing threat of AI impersonating humans will fuel demand for Worldcoin’s human verification services and lift prices.

3. Berlin Buzz and Global Boom

Signups are exploding in Berlin, mirroring a global surge in user adoption. Worldcoin’s website boasts over 832,000 new accounts worldwide in the last seven days, adding to their already impressive 3.7 million iris scans. This surge likely stems from the recent 230% jump in WLD’s value, and it’s another sign that the crypto market might be emerging from its 2022 slump.

4. Not So Distant Peak

Less than two weeks ago, WLD reached its all-time high, fueled by the release of OpenAI’s latest AI tool, Sora, and the general hype surrounding artificial intelligence. The recent correction might be seen as a buying opportunity for some traders, especially considering the strong fundamentals.

WLD/USD Technical Analysis

• Short-Term: The recent price drop suggests a potential correction. Traders looking for an entry point might be wise to wait for confirmation of support levels before jumping in.
• Long-Term: The overall trend shows bullish potential, especially if the legal issues are resolved and user growth continues.