As the broader Cryptocurrency market continues its contraction this week, Worldcoin’s WLD token is also having a tough time. The price of this coin is in a compromised position and is barely 2.39% above the lows recorded during the shakeout on August 5.
In this paper, we review the most important elements of this protocol during this week. Most of the problems of the last 7 days are a continuation of the events of the previous weeks.
Worldcoin (WLD) price loses 20% this week
At the beginning of the week, the Worldcoin utility token experienced an interesting dynamic, with an attempt at recovery. In fact, that push brought the price very close to the psychological border of $2 per token. However, before the middle of the week, the broader crypto market suffered a new decline.
Thus, the problems for Worldcoin and its token have resumed. The fall of Bitcoin, plus the continuation of shipments from the late Alameda to exchanges, have become decisive for WLD’s rally. The company associated with FTX has been in the process of liquidating assets since the beginning of August, which is particularly detrimental to WLD.
The token’s monthly losses are approaching 30%, which is huge considering the poor performance it has had since March. This week, the Worldcoin (WLD) token is down 20.40%, bringing its price close to the lows of August 5, when its price dropped to $1.43 per token.
At the time of writing, WLD is priced at $1.49 and is trading at -87.39% from its March high, data from CoinMarketCap shows.
After an attempt to recover earlier in the week, WLD is suffering a new crash. Source: CoinMarketCap
Network activity of the protocol
Among the ongoing news from last week to this one, the investigations by the Colombian authorities stand out. The regulators of the South American country are suspicious about the handling of citizens’ private data by the protocol co-founded by Sam Altman.
All this context keeps the coin in a position that does not generate confidence among investors. This is reflected in a declining on-chain activity. According to data from IntoTheBlock, the number of daily active addresses is at the lowest levels since the beginning of the year.
The same can be said for newly created addresses, which show little interest from users. At the time of writing, more than 92% of investors in the currency are in the red, and only 2% are in the green.
Worldcoin network activity is at lows close to those of the beginning of the year. Source: IntoTheBlock
The project is ready to move forward and overcome difficulties
Despite the not-so-good news from Colombia, Worldcoin representatives remain confident. Consequently, they consider the investigation by the SIC to be a positive step that will help them clarify the doubts of regulators.
In a contact with CriptoTendencia via LinkedIn, Worldcoin spokespersons expressed their full willingness to comply with Colombian laws and those of the rest of the countries. “The Worldcoin Foundation has always been willing to collaborate with government agencies and regulators, and remains committed to maintaining transparent and fair practices,” they say.
They also added that they will continue to uphold the highest standards of data privacy protection, fully complying with all laws and regulations in the markets where they operate.
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