Worldcoin reclaims $2 as World ID gains wider adoption
|- Worldcoin reported the launch of World ID in Guatemala, Malaysia, and Poland as interest in proof of humanness grows.
- WLD soared over 18% in the past 24 hours, as its price reached a high of $2.
- Worldcoin may see a correction as it prepares to release $74 million worth of new supply next week.
Worldcoin (WLD) surged on Wednesday as it launched its World ID solution in Guatemala, Malaysia, and Poland. However, WLD may face a correction as investors anticipate a $74 million unlock event for the WLD token.
WLD rallies as World ID sees further launches
Worldcoin announced that its World ID has gained wider adoption after launching in Guatemala, Malaysia and Poland. The launches were made this week, signifying growing demands for human verification.
World ID is a permissionless protocol designed by the Worldcoin Foundation that helps users prove they are human online while maintaining their privacy. The protocol is already being used in regions like the US, United Kingdom, Germany and India.
To boost human verification across the digital landscape, Worldcoin also announced the test launch of its new face authentication feature last week. This feature will verify user identity based on the data previously stored on the orb.
WLD saw double-digit gains in the past 24 hours, stretching its weekly gains to 38%. The token hit the $2 price level for the first time since August, when its price dropped to $1.8.
WLD has witnessed increased volatility since hitting an all-time high of $12 in March. The asset's price has declined 88% since then but is now showing signs of a strong recovery.
Coinglass data shows a 30% increase in open interest for WLD, indicating investors are becoming more confident in its bullish run.
However, the token could decline as it plans to inject $74 million worth of its tokens into circulation next week. Heavy unlocks such as this often cause prices to drop due to heavy supply injection without a corresponding demand.
Worldcoin will witness 2 million WLD tokens being unlocked daily until July 2028, after which 80% of its tokens will have been released into circulation.
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