Worldcoin Launch Still Boggles Cryptocommunities’ Minds as WLD Price Scores a Double-Digit Gain Since Inception

Worldcoin (WLD), the native token of the privacy-preserving digital identity (World ID) project founded by OpenAI co-founder Sam Altman, surged after listing on major cryptocurrency exchanges on July 24.

As of this writing, on July 27, WLD is trading at $2.20, still substantially off its $3.31 peak, but up 25% since the inception. Despite criticism from nearly every corner of the cryptocurrency industry, WLD's single-day performance outperformed Bitcoin, Ethereum, Ripple (XRP) and the rest of the cryptocurrency market, which sold off throughout the day.

One area of ​​concern for many traders is WLD's circulating supply vs. supply cap. Worldcoin accounts for only 1% of the total current circulating supply, and its fully diluted market cap is over $22 billion. The token launch offered 143 million WLD through IDO. Notably, 100 million WLD were allocated to market markers, with the remaining tokens being received by investors who ventured to verify themselves by scanning their iris during Worldcoin’s pre-launch process.

Remarkably, the fintech company calls the main proposal of the World ID project a “digital passport”, which is a kind of digital identity card and confirms that its owner is a real person and not an artificial bot. To get a World ID, the buyer registers and personally undergoes an iris scan with a Worldcoin “sphere”— a silver ball about the size of a bowling ball. Once the iris scan confirms that the person is real, a World ID is created for them.