Worldcoin (WLD) Price Surges 20%, What’s Behind the Rally?

WLD, the native cryptocurrency of Sam Altman’s iris-scanning project Worldcoin, has moved upwards by 20% in the last 24 hours. As of press time, the Worldcoin (WLD) price is trading 15.3% up at $6.24 with a market cap of $1.270 billion. Also, the daily trading volumes have surged by 134% all the way above $652 million.

What’s Behind the Worldcoin (WLD) Price Rally?

Amid the recent surge in the price of AI coins, Worldcoin (WLD) too has joined the party. The recent resurgence in Bitcoin price has provided enough stimulus to the broader cryptocurrency market to rally. AI coins specifically have been taking the benefit of this surge.

Last week, reports from Bloomberg indicated that OpenAI and Worldcoin are currently in discussions to establish a partnership. OpenAI is expected to provide AI solutions to Worldcoin as part of this collaboration.

If realized, this partnership could involve the integration of OpenAI’s advanced AI technologies into Worldcoin’s services, potentially enhancing the offerings of both companies. However, such a partnership may also attract increased regulatory scrutiny, particularly due to Altman’s influential positions within both organizations.

WLD Open Interest Jumps

Based on Santiment’s data, the total open interest for WLD surged by 21.5% in the last 24 hours, soaring from $131.9 million to $160.3 million as of the latest report.

The notable increase in trading volume and open interest for Worldcoin implies a potential rise in price volatility. This surge could be attributed to increased whale activity and the possibility of liquidations in the market.

Currently, the Worldcoin exchange is witnessing an inflow of 454,380 WLD, while the outflow stands at 542,360 WLD, resulting in a net outflow of 87,980 coins within a 24-hour period. Despite prevailing bearish sentiments surrounding the asset, on-chain movements suggest that some investors are accumulating Worldcoin.

In addition, the WLD Relative Strength Index (RSI) has increased from 40 to 54 in the past 24 hours, as reported by Santiment. This indicates a slight overheating of the asset, suggesting that an RSI below 50 could indicate a stable price increase.

If this price rally continues, WLD can rally all the way further to $10 and above.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.