- Worldcoin (WLD) has enjoyed a monstrous couple of weeks, surging by more than 15% in the past 24 hours alone.
- The price gains come on the back of OpenAI’s release of Sora AI, a text-to-video generator.
- Sam Altman, the CEO of OpenAI, is part of the team behind the Worldcoin project.
- Several early investors in the project include Sam Bankman-Fried and 3AC, who will no doubt have benefitted from the recent jump in value.
Worldcoin was one of the most polarising projects to take centre stage in 2023. While the blockchain’s grand ambitions saw it capture the crypto community’s attention, the reception wasn’t always positive. However, the native coin, WLD, has rebounded from a lukewarm launch in August 2023 to continue smashing record all-time highs. At the time of writing, WLD is trading for approximately USD $7.36 (AUD $11). This is more than 50% higher than its previous ATH of USD $4.68 (AUD $7.17). So what’s behind the recent surge?
Sora AI Release Major Catalyst for Worldcoin Run
Worldcoin has raced toward a US $1B market cap thanks to the unveiling of Sora AI, a text-to-video model released by OpenAI last week. The two may seem unrelated at first, but remember that the Worldcoin project is backed by Sam Altman – the CEO of OpenAI. Traders are apparently betting that the positive reception for Sora AI will spill into Worldcoin, although there is likely no direct functionality between the two.
FTX, 3AC to Benefit?
The recent surge in price has a few early investors licking their lips – including convicted criminal Sam Bankman-Fried, disgraced founder of the FTX exchange. According to on-chain metrics, a wallet with links to FTX received nearly USD $185M (AUD $283M) worth of WLD tokens in August last year upon release, a figure that will have tripled in value as of today. Three Arrows Capital (3AC) was another early on the Worldcoin hype train, having participated in a USD $25M (AUD $38.3M) round back before WLD’s public release.
Ultimately, Worldcoin still has a little work to do to shake off its conflicting reputation. Some believe it will become the modern, efficient way to prove identity across the world. Others believe its product is fanciful, while some argue that Worldcoin’s plans involve an Orwell-esque invasion of privacy. No matter what you think, there’s no denying Sam Altman’s project is set to play a major role in the crypto news cycle over the coming years.
Credit: Source link
