Worldcoin Extends Token Lock-Up, Triggering 42% Price Surge

Sam Altman’s Worldcoin has just released an update that has moved the market. WLD surged on news that token lock-ups have been extended. A blog post said that most of the WLD supply will be received by people with “verified World IDs  – simply for being a unique human”.

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The post stated that over 6 million people have already participated in the network by having their irises scanned.

Further, they stated that Tools for Humanity (TFH), an early contributor to the Worldcoin project, informed the Worldcoin Foundation of an extension of the unlock schedule.

In a move aligned with the long-term nature of Worldcoin’s mission— the unlock schedule for 80% of the WLD held by TFH’s team members and investors is being extended from 3 to 5 years.

Worldcoin

Worldcoin’s Ambitious Vision Sees Token Surge

According to Worldcoin that mission is to “become the world’s largest identity and financial network”.

The extended vesting schedule of WLD tokens will lead to a more gradual release until 2029, contrasting with the original faster schedule. Token unlocks, which can increase supply and allow early investors to sell, are typically perceived as bearish.

Currently, the circulating supply of WLD stands at 275 million, with 77% claimed by World ID holders. Under the new schedule, the supply is expected to reach 400 million by September, a month later than previously anticipated.

WLD surged on the recent developments, gaining almost 50% in the past week. The rally has seen the price for one WLD reach US$2.81 (AU$4.17) which is still well under the all-time high (ATH) of US$11.82 (AU$17.57) in March 2024.

Sora Launch Caused 200% Gains for WLD

The ATH in March followed the launch of Sora, OpenAI’s text-to-video model. OpenAI is another of Sam Altman’s companies and naturally, anything exciting out of these firms sparks AI-related surges.

Sora initially faced scepticism over its capabilities but continues to evolve. In June, Toys ”R” Us released a brand film made with Sora – a first for a consumer-facing brand.

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Sora’s release was followed by a surge of interest in WLD. The token saw a 200% increase within the space of mere weeks. However, as the hype around AI cooled down somewhat in the following months, so did the interest in AI-related crypto projects – at least until now it seems.