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WLD outperformed every other token in the top 100.
Rising volume and developments on the network indicated a possible increase to $8.
As a seasoned crypto investor with years of experience in the market, I’ve witnessed my fair share of price swings and market trends. The recent surge in Worldcoin (WLD) has caught my attention, especially since it outperformed every other token in the top 100 by a significant margin.
In the past 24 hours, the cost of Worldcoin (WLD) surged by 20.61%, based on information from CoinMarketCap. This price jump might be connected to Bitcoin‘s (BTC) climb to a new peak of $64,000.
Previously, the price of Bitcoin dropped to $58,000, causing a ripple effect and dragging down other cryptocurrencies, including Worldcoin. Yet, Worldcoin’s surge went beyond just the overall market recovery.
Trading volume backs the price action
According to AMBCrypto’s assessment, there was a significant surge in trading activity surrounding the token during the time frame in which its price rose, with a remarkable 111% increase in volume observed. This heightened volume signifies heightened investor interest.
Due to the significant increase in this metric, it can be inferred that a larger segment of the market participated in trading the token.
As a crypto investor, I’ve observed that with the price surge to $6.37 at the current moment for Worldcoin (WLD), there has been a significant increase in buying activity compared to selling. This trend suggests that there is strong demand for WLD, potentially leading to an even greater price increase.
As a crypto investor, if the current trend holds and the market conditions remain favorable, I believe the value of the WLD token could potentially return to the $7 price point. However, should the trading volume start to wane, this upward trend might lose steam and the price of WLD may gradually pull back from its recent highs.
The increasing attention towards the token wasn’t spontaneous; AMBCrypto uncovered external factors driving this trend.
Some weeks back, the Worldcoin team revealed that it would launch a layer-2 on Ethereum [ETH].
Additionally, OpenAI, which is spearheaded by Sam Altman, its founder, was reportedly holding discussions regarding a potential partnership.
Everything works together for a sustained rally
The excitement surrounding AI-focused cryptocurrencies grew significantly after these recent upgrades. Notably, the hype resulted in a notable rise in their prices. It’s intriguing to note that the team behind this project was already planning to release layer 2 by summer’s end.
Evidence emerged during the project’s development process that the number of distinct GitHub accounts involved reached 0.54, subsequently dipping slightly to 0.50. This figure signifies the count of individual contributors to the open-source repository in question.
Based on the data, it appears that the number of active Worldcoin network addresses has grown to approximately 259,000, implying that new features may be imminently rolled out.
The rise in this metric indicates a significant enhancement in engagement with WLD compared to its previous lows. Nevertheless, it falls far short of the mark set on May 3rd, when the figure surpassed 600,000.
Should network activity persist in its upward trend, the value of a Worldcoin token could potentially keep climbing. In simpler terms, if things continue as they are in the network, there’s a good chance the price of Worldcoin may reach around $7.25 in the near future.
Realistic or not, here’s WLD’s market cap in BTC terms
As a crypto investor, I would advise caution before making any bold predictions about WLD based solely on Bitcoin’s price movement. It’s essential to keep a close eye on Bitcoin’s price action first, as its performance could significantly impact the direction of WLD. If BTC experiences a downturn, it’s possible that WLD may follow suit.
If Bitcoin increases by around $68,000, it could serve as evidence supporting Worldcoin’s possible growth up to $8.
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2024-05-06 20:07