- Worldcoin’s developers have already registered over 2 million people.
- There are concerns about the network’s security and privacy issues.
- WLD token price and volume have plunged in the past few days.
Worldcoin’s WLD token price is still languishing as doubts about its ecosystem grow. After surging to $7.50 in July, the token has plunged below $2.0 bringing its total market cap to over $280 million. And the daily volume of WLD tokens has slumped to just $80 million.
Privacy concerns remain
Worlcoin is the most ambitious players in the blockchain industry. The developer, Tools for Humanity, aims to collect iris data from billions of people around the world. It then rewards these people with the WLD token, which they can convert into fiat or hold as an investment.
Worldcoin aims to monetize this data by selling it to companies as a replacement for CAPCHA. Also, Sam Altman and his group believes that the tool can help solve the advances in artificial intelligence, which is estimated to eliminate millions of jobs. Most importantly, they believe that the tool can be a foundation for a basic income.
The challenge for WorldCoin is that people and government are more focused on data issues more than before. As such, governments have warned the company about how it collects. For example, the European Union has urged the company to follow the existing laws when collecting this data.
Kenya, where thousands of people lined up to get their eyes scanned, suspended the process. And this week, they raided a warehouse belonging to the company as they conduct their investigations. Germany and France are also doinf an investigation.
Worldcoin has already registered over 2 million people and the company hopes to have all people on board. Proponents for the platform argue that data fears are exaggerated arguing that private companies like Google, Facebook, and TikTok already hold data from billions of people.
WLD price prediction
The WLD token has been in a strong bearish trend in the past few days. On the hourly chart, it moved below the important support level at $1.85, the lowest level on July 25th. At the same time, the Relative Strength Index (RSI) and the Stochastic Oscillator (SO) have moved to the oversold level.
Therefore, the outlook for the token is still bearish, with the next support level to watch being at $1.50. The alternative scenario is where the token bounces back and retests the resistance at $1.85 before resuming the downtrend.
