The WorldCoin (WLD) price has gone vertical this week, making it one of the best-performing tokens in the industry. It rose to almost $3 and is nearing its highest point since June 26th. It has soared by over 63% from its lowest point this month.
The WLD price soared
The WLD token is soaring mainly because Bitcoin, the biggest cryptocurrency in the world, has staged a strong recovery and is nearing its highest point on record. After dropping to $53,700 earlier this month, Bitcoin has recovered to $66,000.
In most cases, altcoins like WorldCoin, Ethereum, and Solana do well when Bitcoin soars. For example, WorldCoin reached an all-time high of $12 in March as Bitcoin rallied to $73,600.
Second, WorldCoin’s price has gone parabolic after the developers tweaked the unlocking schedule of the remaining tokens. The period for unlocking these tokens will be extended from three to 5 years. In this case, 2 million WLD tokens will be unlocked each day instead of the 3.3 million that were planned.
WorldCoin is a highly dilutive token, with a circulating supply of 276 million tokens against a total supply of 10 billion tokens. This means that WLD token holders will continue to be diluted in the next few years.
Other reasons why WorldCoin price rose
These were the two main reasons why the WLD token price is rising. However, there are other reasons. The WorldCoin ecosystem, for example, is growing as the number of verified users in the network has jumped to more than 6 million.
Also, most recently, the developers unveiled the preview of the World Chain solution, which will let users build on top of the network. This feature will make it a good alternative to Ethereum, Solana, and Polygon networks.
While this is a good thing, the reality is that the World Chain is entering a highly competitive industry. In addition to Ethereum, hundreds of chains help developers build decentralized applications. Some of the most popular chains are Kadena, IOTA, EOS, and Zilliqa.
The price of WorldCoin has also risen as a result of the rising odds that the Federal Reserve will start cutting interest rates later this year. This view is supported by the fact that inflation has slowed while the unemployment rate has risen to 4.1% this year.
This view explains why other cryptocurrencies and stocks have soared. This week, the Dow Jones, Nasdaq 100, and S&P 500 indices reached record highs.
