This unexpected rise occurred despite the general stagnation in the cryptocurrency market. WLD price increased by 9% to $2.36. The total market capitalization hovered around $357 million, placing WLD as the 98th largest cryptocurrency. Daily transaction volume increased by 116% and reached 357.8 million dollars.

But despite this sudden rise, WLD is still down 80% from its all-time high of $11.82 (March 2024). This may cause investors to be cautious about this short-term rally in WLD.

Tools for Humanity, the software company behind Worldcoin, recently announced that it has hired senior executives from technology giants such as X, Google, Apple, Meta and Tesla. This move aims to strengthen Worldcoin’s technological capabilities and increase the reliability of the platform. Investors may have perceived this development as a positive signal for WLD’s future.

Worldcoin’s iris scanning and authentication methods have raised concerns about the protection of personal data. Data protection regulators in countries such as France have scrutinized the platform’s practices. Hong Kong’s Personal Data Privacy Commissioner (PCPD) reported earlier this year that Worldcoin’s iris scanning operations violated data protection principles.

Worldcoin has taken action to address these concerns. The company hired four experienced experts to ensure compliance with data protection regulations and increase the transparency of the platform to external stakeholders. These experts will be tasked with explaining to regulators and investors how Worldcoin’s technology ensures data security.

This sudden rise in WLD price occurred a few weeks before the daily token expansions increased. According to Messari’s report, 3.19 million WLD (approximately $7.91 million) is currently being expanded daily. However, this figure is expected to more than double by July 24, 2024, reaching 6.61 million WLD tokens worth approximately $16.39 million every day.

Token launches work similar to the stock acquisition schedules of traditional companies. A certain number of tokens are frozen or limited to prevent large sales during the initial phase of the project. These tokens are then gradually released. Token expansions increase liquidity in the market but can also cause a decrease in prices as supply increases. Investors should anticipate upcoming token launches and take into account that the WLD price may fluctuate during this period.

WLD’s rise occurred despite the general stagnation in the cryptocurrency market. Bitcoin is trading at $58,760, down 3.5% in the last 24 hours. Total cryptocurrency market capitalization also declined by more than 4%. This makes it difficult for investors to interpret the rise in WLD as a positive development in the overall market.