Can Its Price Surge Last?

• Worldcoin faces $831K fines for breaching South Korean data protection laws.
• Worldcoin expands globally, with over 6.7M verifications and rising wallet transactions.
• Worldcoin’s price surges 14% amid bullish market trends, with RSI suggesting a possible correction.

The Personal Information Protection Commission (PIPC) of South Korea fined the Worldcoin Foundation and Tools for Humanity (TFH) for violating personal data protection laws. The Worldcoin Foundation received a KRW 725 million ($546,000) penalty for mishandling sensitive information and sending it overseas without permission.

TFH also received a KRW 379 million ($285,000) fine for violating local regulations on the transfer of personal data. These fines are the result of an investigation that began in February due to concerns that Worldcoin was collecting biometric data without consent in exchange for cryptocurrency.

Despite these penalties, Worldcoin continues its expansion. The organization recently launched World ID, a digital identity platform, in new markets, including Guatemala, Malaysia, and Poland.

Read also: Worldcoin Launches World ID in Poland, WLD Price Surges 10%

The platform will also become available in countries like Argentina, Chile, Austria, Mexico, and the United States. According to the Worldcoin website, it has completed over 6.7 million verifications, with 160,000 new accounts created in the past week alone.

Worldcoin’s Market Performance and Price Surge

Worldcoin (WLD) saw a recent price surge, attracting attention from investors and traders. At the time of writing, Worldcoin was priced at $2.10, up 14.23% from the previous day. Trading volume climbed to $420 million, reflecting increased market activity, with a live market cap of $1 billion.

Worldcoin initially dipped below $1.85 and remained down until around 4:00 PM, after which the price began to recover. By 8:00 AM, Worldcoin had surged past $2.10.

Technical Indicators Suggest Bullish Momentum, But Potential for Correction

A technical analysis shows that the MACD and RSI indicate a bullish outlook for Worldcoin. The cryptocurrency recently reached a peak of $2.17 before falling to approximately $2.06. The MACD’s bullish crossover suggests continued upward momentum.

However, the Relative Strength Index (RSI) has moved into overbought territory at 70.45, suggesting that the asset may experience a short-term correction.