Worldcoin’s Native Token Witnesses Decline
The native token of Worldcoin, WLD, experienced a surge of around 130% in the past year. However, the rally was short-lived as profit-taking led to a decline of approximately 20% from its peak within less than 10 days. Despite this downturn, data suggests that a massive rally may be on the horizon.
Worldcoin Targets $6.30 Rally
According to crypto analyst Ali Martinez, Worldcoin is showing signs of a breakout from a bull flag pattern on its 4-hour chart. If confirmed, this could potentially lead to an 80% surge in the WLD token, with a target price of $6.30.
Controversies and Regulatory Challenges
Worldcoin has faced controversy since its inception and only gained traction in November. The token reached its peak on December 18th but has since retreated. On the regulatory front, Worldcoin suspended its Orb-verification service in India, Brazil, and France after expanding into those markets.
Backers and Funding
Worldcoin has secured prominent backers such as Andreessen Horowitz, Khosla Ventures, and Reid Hoffman. The project raised $25 million in October 2021 and an additional $100 million within a year. The formal launch of the WLD token did not take place in the US, and Kenya suspended its enrollment due to concerns about security and privacy.
The Flaws in Worldcoin’s Verification Model
Blockchain specialist Bob Bodily criticized Worldcoin’s verification process for being outdated and highly centralized. He highlighted flaws in the model, including limited accessibility due to validation restrictions through official hardware developed by Worldcoin.
Hot Take: Worldcoin’s Future Uncertain
While Worldcoin has experienced both growth and challenges, its future remains uncertain. The recent decline in the WLD token’s value raises questions about its sustainability. Additionally, criticisms of the verification model highlight potential issues that may hinder its adoption and success in the long run.
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