Sam Altman’s Worldcoin Token Makes Headlines With 24% Surge Amid OpenAI Drama

Christian Encila

1 year ago

3 mins read

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The narrative around Sam Altman and OpenAI seems to have had a major impact on the value of WLD, the token that Worldcoin, a cryptocurrency that Altman co-founded, is issuing.

As the drama surrounding Sam Altman’s dismissal from OpenAI and possible reinstatement continues to captivate the crypto space, the Worldcoin digital token has been one of the most unpredictable in the cryptocurrency market as of late.

As of today, the trading price of Worldcoin (WLD) has reached $2.43, indicating that the cryptocurrency has made a strong recovery. In comparison to the previous 24 hours, this is a significant gain of 19%, with an impressive 24% rally in the last week, data from crypto price aggregator Coingecko shows.

Worldcoin’s Unpredictable Market Behavior Amid Altman’s Controversy

From a high of $2.50 on November 16, WLD started to weaken as digital asset markets backpedaled the next day, with Altman’s dismissal only making the decline worse. In the hours following his departure, the token dipped to $1.85 according to statistics compiled by CoinGecko.

Source: Coingecko

As artificial intelligence (AI) develops at a rapid pace, Worldcoin is working on a digital identity network that will collect retina scans to verify users’ identities.

The project’s orbs collect users’ retina scans, and in return, they give users WLD tokens as a compensation for giving their biometric data.

Events at OpenAI, which Altman acted as a go-between for Worldcoin and, by extension, WLD, continue to impact WLD price, even though the two projects are unrelated.

With a market value of approximately $280 million, the token holds the 160th position in the crypto market, as reported by CoinGecko on Monday.

Total crypto market cap is currently at $1.3 trillion. Chart: TradingView.com

The surge in the token’s value is intricately linked to the news surrounding Altman and the uncertainties arising from his removal at OpenAI, according to Richard Galvin, co-founder at Digital Asset Capital Management.

Altman As The Face Of Worldcoin: Impact On Investor Appeal

As events unfolded, the token experienced a rebound, gaining momentum as it became evident that there was no significant negative event fueling the board’s decision.

Digital asset platform VDX’s head of research in Hong Kong, Greta Yuan, predicted that WLD will experience additional volatility in the coming weeks.

Altman is the face of Worldcoin, so depending on how this drama plays out in the next few days, the token may fluctuate, but its appeal to investors will not diminish, Yuan said.

Meanwhile, even though OpenAI’s stock dropped to $2.04 over the weekend after the announcement of Altman’s resignation as chief executive, the company’s efforts to reassign his role as CEO helped propel the stock back up.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Business Wire

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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