Worldcoin Plummets as Dogwifhat, Mantle Rally, Here’s Which Coins Are on The Move

It’s been an interesting week for the crypto market. Following a month of losses, the market rallied in a big way, with several coins recording seven-day gains over 15%. While the short-term bull run has slowed as of today, there are still many tokens that have caught the eye of investors.

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Worldcoin Rally Cut Short After Reaching Monthly High

A big mover this week was Worldcoin, Sam Altman’s (of OpenAI fame) controversial digital identity project. The native token, WLD, had a week to remember, soaring to a monthly high of over US $3 (AU $4.50). Unfortunately for owners, the token may have overshot its price point, with sellers pushing the coin back down 11% in the past 24 hours alone, leaving WLD trading at approximately US $2.60 (AU $3.88).

The significant price movements came on the back of Worldcoin’s “extended token lockup”, where the developers pledged to steadily release supply on the market over the next five years. The market reacted positively to the news, but overall it’s been a poor year for WLD, down nearly 75% from its ATH in May. 

Ethereum Rollup Mantle Firming GameFi Focus

Another big mover over the past week has been Mantle (MNT), a new entrant in the GameFi space. Blockchain gaming has seen a surge in 2024, largely thanks to Telegram’s position as the home of popular clicker games like Notcoin and Hamster Kombat. 

Mantle operates on the Ethereum network, providing dApp developers with a seamless, secure and scalable platform to launch their projects. This makes them a natural protocol to support GameFi apps – and Mantle has recognised this and crafted an in-house Web3 gaming team.

The company’s head of gaming, Geezee, has some interesting ideas regarding how new Web3 games should enter the space and generate income.

When you launch a game token on a CEX, the exchange provides liquidity and trading activity, but most of these traders won’t actually play your game. As a game developer, your main source of revenue should be in-game spending, not token sales. Launching on a CEX detaches your token’s valuation from the actual gameplay and user spending habits…which can be unsustainable.

Geezee

The community reacted positively to Mantle’s renewed focus on GameFi, with the project’s native token MNT surging 21% over the past week.

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Meanwhile, surprise packet dogwifhat was one of the best performers of all coins in the top 100 market cap. The Solana-based memecoin raked in 53% gains over the past week of trading, and is one of very few tokens to still be trending upward in the last 24 hours.