Sam Altman-Founded Worldcoin Outstrips Gains Of Bitcoin, Ethereum After Major Relief From Kenyan Authorities
Worldcoin, a blockchain-based identity verification project, has seen a significant surge in value, surpassing the gains of more established cryptocurrencies like Bitcoin and Ethereum. This comes after Worldcoin received major relief from Kenyan authorities who dropped a probe into the project.
What Happened?
Over the last 24 hours, Worldcoin emerged as the second best-performing token in the cryptocurrency market, experiencing a spike of more than 7%. In contrast, popular cryptocurrencies like Bitcoin and Ethereum remained relatively stable. Worldcoin's trading volume increased by 74% to $275 million, showing that many people were interested in buying this token.
This positive momentum came after Kenyan authorities discontinued an inquiry into Worldcoin’s alleged misuse of customers’ personal data. Kenya had originally launched an investigation into Worldcoin's collection of iris data from users, causing a suspension of operations in August last year. Now, with the probe dropped, it’s expected that Worldcoin will resume its activities.
Why It Matters
Worldcoin was launched by OpenAI Chief Sam Altman last year and has faced intense scrutiny regarding its operations. The project collects irises from people to verify their identity as humans, creating a digital ID. These digital identities make individuals eligible to receive free WLD tokens.
However, the way Worldcoin handles personal data has raised privacy concerns, leading to various enforcement actions in many countries. For instance, Spain extended a suspension of the project earlier this month, and Hong Kong had asked Worldcoin to halt all its operations.
Price Action
As of the latest update, WLD (Worldcoin’s token) was trading at $3.03, marking a 7.2% increase over the past 24 hours. This surge highlights the growing interest in Worldcoin despite its ongoing legal and regulatory challenges.
Worldcoin's quick rise in value following the clearance from Kenyan authorities demonstrates how external factors can affect the cryptocurrency market. As the project continues to navigate its regulatory hurdles, its future performance remains something worth watching.
By understanding these dynamics, even those new to cryptocurrency—including housewives and everyday people—can stay informed about the essential trends influencing the digital currency landscape.
