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The Worldcoin digital token, associated with a project co-founded by Sam Altman, has experienced significant volatility in the cryptocurrency market. This volatility coincides with the ongoing drama surrounding Altman’s departure from OpenAI and the potential for his reinstatement, capturing the attention of the business world.
The token’s decline began on November 16, dropping from its peak of US$2.48 as digital-asset markets retreated. This decline was further intensified by Altman’s firing on the following day. Worldcoin reached a low of US$1.84 in the hours after Altman’s exit, according to CoinGecko data.
Despite this downturn, Worldcoin, also known as WLD, rebounded by 18% within 24 hours, reclaiming the US$2.40 level. This recovery was attributed to efforts by a group of OpenAI executives and investors working towards Altman’s reinstatement as CEO. As of 8:51 am in Singapore on Monday, the token holds a market value of approximately US$280 million, ranking 157th in the crypto market according to CoinGecko.
The fluctuations in Worldcoin’s value have been closely tied to developments in Altman’s professional situation. According to Richard Galvin, co-founder at Digital Asset Capital Management, the token’s movements are driven by Altman-related news and concerns about his ouster at OpenAI. The rally in the token occurred as it became clearer that there was no significant negative event prompting the board’s decision.
Worldcoin, developed by Tools for Humanity, operates as a blockchain-based system utilizing a small orb to scan individuals’ eyeballs and generate a unique digital identity. Holders of a World ID digital identity can receive Worldcoin tokens. Notably, these tokens are not available in the United States due to regulatory uncertainties. World IDs aim to establish personhood in a future where distinguishing between humans and machines becomes more challenging, raising both privacy and ethics concerns.
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Despite the recent market fluctuations, Worldcoin has not provided immediate comment on the reasons behind the token’s gyrations. In a broader context, a group of 90 crypto coins related to the AI theme has also displayed volatile performance, with a 7% increase in combined market value over the past 24 hours, totaling about US$6.5 billion (S$8.7 billion) according to CoinGecko figures.
