Worldcoin Surges 136.7% as Eightco Holdings Adopts It as Primary Treasury Asset

Worldcoin's latest price was $1.88, down 1.367% in the last 24 hours. Eightco Holdings successfully raised $270 million to implement a treasury strategy centered on Worldcoin (WLD). This initiative positions Worldcoin as a primary asset, attracting notable backing from major institutional investors such as Pantera, Kraken, and World Foundation. The raise makes Eightco the first public entity using Worldcoin as its main treasury asset, significantly boosting Worldcoin's stature and leading to a swift rise in its value. This move marks a pivotal shift in crypto treasury management and impacts market perception, encouraging other companies to consider alternative digital reserves. Sam Altman, Co-founder of Worldcoin, stated that Worldcoin has the potential to establish a new paradigm of digital trust and economic inclusion. This development parallels MicroStrategy's significant BTC acquisitions, which have impacted broader market trends. Analysts anticipate that the adoption of Worldcoin and PoH technology could lead to increased interest in decentralized identity and governance tokens.

Worldcoin's recent surge in value has also been influenced by its listing on the Korean exchange Upbit and growing interest from a newly established digital asset treasury. However, this dramatic uptick in demand has pushed the market into overheated territory, raising the risk of buyers’ exhaustion. The Relative Strength Index (RSI) for WLD, observed on a one-day chart, shows that the asset is overbought, a precursor to short-term pullbacks. The RSI indicator measures an asset’s overbought and oversold market conditions, ranging between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound. WLD’s current RSI reading signals that the asset faces a potential short-term pullback or consolidation phase, as early investors may take profits and new buyers become hesitant at elevated prices. Further, the token’s climbing futures open interest adds to this caution. An asset’s open interest measures the total number of outstanding futures contracts that have not yet been settled, gauging market participation and trader commitment. When it spikes, traders are taking leveraged positions in the market. While this can fuel short-term rallies, it also raises the risk of heightened volatility. If WLD traders’ sentiment shifts, the resulting liquidations could make the market vulnerable to a sharp correction.

Any pullback in WLD’s rally could result in a decline to the support floor at $1.59. Should this level fail to hold, WLD could extend its dip and fall further to $1.34. On the other hand, if demand deepens and buyers gain more strength, they could drive WLD’s price above $1.95 and toward $2.38. Additionally, an address that purchased 53.029 million WLD via OTC from the Worldcoin team wallet transferred 29.573 million WLD to an institutional business platform, which may be further sold on a CEX. Over the past six months, this address has spent 50 million USDC to purchase 53.029 million WLD from the Worldcoin team wallet at an average price of $0.94. With WLD's recent doubling in price, at the current price of $1.9, its unrealized gains have reached as high as $50.9 million. This development highlights the significant interest and potential for further market movements in Worldcoin.

Worldcoin has faced increasing regulatory scrutiny over its iris-scanning verification system. Authorities in Kenya suspended its operations following a government directive expressing significant data privacy concerns. Similarly, France's privacy regulator questioned the legality and necessity of the biometric data collection. Investigations have also been initiated in Germany by the Bavarian State Office for Data Protection Supervision regarding these practices.

In response to European regulatory challenges, Worldcoin announced the release of its open-source "Personal Custody" feature. This new system allows users to store their biometric data, specifically the numeric representations derived from iris scans, directly on their personal devices instead of relying on Worldcoin's centralized storage. The company promoted this shift as enhancing user control over their personal information.

Technologically, Worldcoin's proof-of-personhood protocol, World ID, achieved a significant milestone with the release of a software development kit (SDK) designed for enterprise applications. This SDK enables developers to integrate World ID's unique identity verification capabilities into their own applications and services. The team also detailed ongoing research into integrating privacy-preserving biometrics and explored the potential for utilizing "iris codes" within zero-knowledge proof frameworks. Furthermore, the protocol transitioned to utilizing the OP Stack, marking a strategic move in its technological evolution.

Integration efforts have been notable, with World ID partnering with identity management leader Okta to incorporate its proof-of-personhood technology into Okta's Auth0 platform. This collaboration allows developers building on Auth0 to implement World ID verification seamlessly. Another key integration involves the digital asset management platform Safe, aiming to leverage World ID for advanced account recovery and multi-signature wallet security solutions.

The project garnered investment interest from prominent venture capital firms. Andreessen Horowitz (a16z) Crypto participated in a funding round for Tools for Humanity, the primary contributor to the Worldcoin project. Funding totaling $115 million was secured to further develop the decentralized identity protocol.