Worldcoin (WLD) Price Surges Amid Growing Institutional Interest and Network Expansion

Worldcoin (WLD) Surges Amid Growing Institutional Interest and Network Expansion

Worldcoin (WLD), the cryptocurrency project co-founded by OpenAI CEO Sam Altman, has seen a significant price rally in recent days as institutional interest grows and the network expands. The token has gained over 12% in the past 24 hours, reaching $2.3, as investors anticipate a key project update scheduled for October 17.

Grayscale Adds Worldcoin (WLD) to Consideration List

In a notable development, crypto asset manager Grayscale has added Worldcoin to its list of 35 digital assets under consideration for potential investment products. This move signals growing institutional interest in WLD and could pave the way for increased adoption among traditional investors. Grayscale’s consideration list also includes other prominent altcoins like Dogecoin (DOGE), Arbitrum (ARB), and Cosmos (ATOM).

WLD/USD Technical Analysis: Key Levels to Watch

WLD’s price action has formed an ascending channel since August, with the recent rally confirming $2.0 as short-term support. The $2.5 level represents a confluence of the channel’s range-high and a resistance zone. Despite nearing overbought conditions, analysts suggest WLD still has a favorable risk-reward ratio if the recovery extends beyond the upcoming project update.

Key price targets to monitor include:

  • Support: $2.0
  • Resistance: $2.5
  • Potential upside target: $4.5 (80% gain from current levels)

Bullish Sentiment in Futures Market

The futures market for WLD shows bullish sentiment, with a 15% increase in open interest rates, indicating the addition of about 5 million WLD contracts on October 14. Positive funding rates further support the optimistic outlook among speculators. However, increased leverage also implies a higher risk of volatility and potential liquidations around the October 17 event.

World Chain Growth and Network Expansion

The recent launch of World Chain on October 11 has contributed to positive market sentiment. The network had 1,200 accounts at launch, with the potential to bring approximately 7 million Worldcoin users to the new chain. This expansion could significantly impact WLD’s price, especially if the network adopts WLD as its official gas fee token.

Looking Ahead: “A New World” Event

Investors are eagerly anticipating the “A New World” live event in San Francisco on October 17, where project leads are expected to announce “meaningful updates to the project.” One of the updates is rumored to enable Worldcoin usage to scale by at least 100x, which could have a substantial positive impact on WLD’s price and adoption.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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