🌎 Worldcoin’s WLD Token Surges 9% Amid Executive Hires and Market Rally

WLD, the native token of the digital identification platform Worldcoin, has emerged as the top gainer among the leading 100 cryptocurrencies, with a surge of 9% over the last day. At the time of writing, WLD was trading at $2.36, with a market cap of $357 million, making it the 98th-largest digital currency.

Moreover, the daily trading volume of Worldcoin recorded a 116% rally, reaching $357.8 million. Despite this recent surge, WLD is still down 80% from its all-time high of $11.82, which it reached on March 10.

WLD’s recent price increase follows after Tools for Humanity, the software company behind Worldcoin, announced new executive hires from major technology firms such as X, Google, Apple, Meta, and Tesla. This comes as Worldcoin faces scrutiny from data protection regulators in countries like France. Earlier this year, the project’s iris scanning and identification operations were found to violate data protection principles in Hong Kong. The region’s Privacy Commissioner for Personal Data (PCPD) reported that these operations contravened Hong Kong’s data protection standards.

The newly hired executives are tasked with ensuring the company complies with privacy regulations and frameworks. They will also work to provide transparency to privacy regulators and external audiences about the tools behind Worldcoin.

The 24-hour surge in WLD’s price occurs a few weeks before the commencement of increased daily token unlocking. According to Messari, Worldcoin daily unlocks are currently at 3.19 million WLD, worth approximately $7.91 million. By July 24, 2024, this figure is expected to more than double to 6.61 million WLD tokens, worth approximately $16.39 million every day.

Token unlocks, similar to share vesting schedules in traditional organizations, refer to the gradual release of cryptocurrencies that were previously frozen or limited. Such token unlocks create liquidity and are usually associated with bearish sentiments due to the larger availability of these coins.

Meanwhile, WLD’s price rise comes amid a broader downturn in the global crypto market, which has dropped over 4% in the last 24 hours, currently standing at $2.17 trillion. Bitcoin, the pioneering cryptocurrency, also saw a decline of 3.5% and was trading at $58,760 at the time of reporting.