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Worldcoin Plunges as OpenAI Board Edges Out Sam Altman as Chief Executive

Worldcoin holders are counting their losses as token prices plummet following the news of Sam Altman exiting OpenAI in a boardroom resolution. The announcement of Altman’s departure from the Microsoft-backed OpenAI triggered a downtrend for the WLD token linked with Worldcoin’s iris-scanning biometric initiative. 

Review of WLD Token Market Performance

A review of WLD token performance following the news shows the price declined by 14%, per CoinGecko data. At the time of writing, 07:28 (UTC) shows WLD exchanging hands at $1.88, 9.3% down in the past 24 hours. The price decline has eroded a significant market capitalization that presently approximates $214.646 million. 

WLD earlier today plummeted by 7.83% to its seven-day low at $1.84 from a high of $2.48 in the week. Nonetheless, its day’s high is at $2.08, as per CoinGecko data. The trading volume is $161.55 million, a 22.50% increment in the past 24 hours, thus illustrating the recent rise in the market activity.

Further review of CoinGecko data reveals that WLD price is still 43.49% lower than its all-time high of $3.30, which was realized on July 24 this year. Still, the Worldcoin (WLD) price is 91.58% higher than the lowest price of $0.973104 realized two months ago.

A comparative analysis of Worldcoin relative to the global crypto market shows that the price has plunged 8% in seven days. The Worldcoin token is underperforming relative to the 2.70% decline portrayed by the global cryptocurrency. Also, the WLD is underperforming peers in the Ethereum ecosystem cryptos, up by 12.70%.

OpenAI Oust Altman From CEO Position

Worldcoin is plummeting as word of Sam Altman’s ouster from the chief executive role in OpenAI. The company board behind the ChatGPT model alleged Altman failed to offer candid communication, thereby hampering the execution of its responsibilities. The inadequacy portrayed by Altman eroded the confidence that the board had in his leadership.

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The markets quickly reacted to the news, adjusting the price figure immediately. By 04:30 p.m. ET, Worldcoin (WLD) was exchanging hands at $1.89 per token, with its market capitalization declining by $218 million.

The token would witness $141 million of trading volume in the last 24 hours. Most of the volume, estimated at 40%, arose from the WLD-USDT trading pair on the crypto exchange Binance. The decline marked the most significant drop of Worldcoin since it emerged from beta in July.

An extended outlook of the broader artificial intelligence category appeared solid and immune to the effects of Altman’s departure from OpenAI. The AI token market capitalization realized a 9% uptrend in the past day to realize $5.492 billion, as per CoinGecko.

Worldcoin involves a biometric cryptocurrency initiative developed by leveraging San Francisco-headquartered Tools for Humanity. The firm, with an operating base in Berlin, was established in 2019 alongside Alex Blania and Max Novendstern. The trio received financial support from Andreessen Horowitz’s venture capital firm. 

Worldcoin’s operations deploy a unique mechanism to authenticate human identity online, identified as World ID. The project targets overcoming fake identities and bots. 

Individuals joining the network would have their iris scanned with the orb-shaped scanner. In return, the new users receive Worldcoin in a distribution mechanism portrayed as inspired via discussions involving universal basic income.

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Altman’s WLD involves an Ethereum-based token whose availability is still missing in the United States. Nonetheless, Worldcoin’s iris-scanning orb settings exist across Atlanta, San Francisco, and New York.

The Worldcoin project began in October 2021 and successfully realized $25 million in funding. Six months later, the project secured $100 million in funding, yielding $3 billion market capitalization for the token. Further project’s growth subjected Worldcoin to increased criticism. 

An April 2022 publication by MIT Technology Review alleged that Worldcoin realized the initial 500,000 via deceptive, exploitative labor policy and issuing cash handouts. Worldcoin would navigate the pushback lodged by the privacy advocates to unveil Worldcoin from beta in July 2023.

Kenya Imposes Outright Ban on Worldcoin Activities

Several governments have flagged Worldcoin’s approach to utilizing silver orbs in scanning the citizen’s irises. Kenya would ultimately suspend the enrollment program. However, despite opening investigations, Germany, France, and the UK have yet to embrace the outright ban imposed by Kenya.

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Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

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