The highly anticipated Worldcoin (WLD) project, which boasts a revolutionary biometric proof of personhood-based blockchain network, has hit some stumbling blocks in the market. Despite an impressive fully diluted valuation of $20 billion, the project’s current market capitalization sits at a meager $227 million, leaving investors concerned due to a significant portion of WLD tokens being held by the team and initial investors.
As the Worldcoin project faces challenges, it remains determined to expand its network by attracting more individuals to ensure future growth. However, if not addressed adequately, the prevailing headwinds could potentially lead to a further decline in the value of the WLD token.
Worldcoin (WLD) Market Outlook
The trajectory of the Worldcoin project draws parallels to the saga of Solana and FTX, witnessing an initial surge in value followed by a notable dip. Presently, only 1 percent of the total supply is in circulation, leading crypto experts to speculate that the WLD price may decline over time as more venture capitalists unlock their holdings.
Additionally, the presence of the specialized hardware known as the Orb has triggered skepticism within the crypto community.
Read More: Worldcoin’s Potential Threat as “Evil” Product Due to Security Concerns, Says Security Expert!
Double-Edged Sword
At the heart of Worldcoin’s strategy lies the Orb, a proprietary device designed to onboard real individuals onto their blockchain network through eye-scanning technology. This approach aims to verify personhood and promote inclusivity, but it has raised several concerns. Critics argue that relying on a centralized hardware solution leaves the system vulnerable to potential hacking and compromises user data confidentiality.
Related: Ethereum Co-founder Vitalik Buterin Questions WorldCoin’s Proof-of-Personhood System
As a result, the Worldcoin Foundation faces the challenge of addressing these doubts to gain the trust of potential users.
Source: https://coinpedia.org/altcoin/worldcoin-wld-price-dips-nearly-40-amid-skepticism-with-tokenomics-and-ecosystems-security/