What’s the logic behind the rise in Worldcoin (WLD) price?
WLD, the native cryptocurrency of Sam Altman’s iris scanning project Worldcoin, has risen 20% in the past 24 hours. At press time, the price of Worldcoin (WLD) is up 15.3% at $6.109, with a market cap of $1.27 billion. Moreover, daily trading volume has surged 134% all the way to over $652 million.
Worldcoin (WLD) joins the recent surge in AI coin prices. The recent recovery in Bitcoin prices has provided enough stimulus for the broader cryptocurrency market’s rally. AI coins have particularly benefited from this surge.
Last week, Bloomberg reported that OpenAI and Worldcoin are currently in discussions to establish a partnership. As part of this collaboration, OpenAI is expected to provide AI solutions to Worldcoin.
If realized, this partnership could involve integrating OpenAI’s advanced AI technology into Worldcoin’s services, potentially enhancing the products and services of both companies. However, this partnership could also attract more regulatory scrutiny, especially due to Altman’s influential position in both organizations.
WLD Open Interest Jumps: According to data from Santiment, WLD’s total open interest has surged 21.5% in the past 24 hours, from $131.9 million to $160.3 million as of the latest report.
The significant increase in Worldcoin trading volume and open interest means that price volatility could rise. This surge could be attributed to increased whale activity and the possibility of market liquidations.
Currently, Worldcoin exchanges have an inflow of 454,380 WLD and an outflow of 542,360 WLD, resulting in a net outflow of 87,980 tokens in 24 hours. Despite the general bearish sentiment surrounding the asset, on-chain movements suggest that some investors are accumulating Worldcoin.
Additionally, the WLD relative strength index (RSI) rose from 40 to 54 in the past 24 hours, as reported by Santiment. This suggests that the asset is slightly overheated, indicating that an RSI below 50 could indicate a steady rise in price.
If the price continues to rise, WLD could rise further to $10 and above.
