Worldcoin Surges 19.78% in U.S. Debut Amid Controversy

Worldcoin (WLD), the digital-identity cryptocurrency associated with Sam Altman’s World project, has made a significant entry into the U.S. market. Since its launch on May 1, WLD has experienced a notable surge, rising by 19.78% over the past week. The price of WLD increased from $1.03 to $1.16 before retreating to $1.08 by press time on May 1, resulting in a 4.31% return on the daily chart.

The project aims to provide a tamper-proof method of verifying one’s identity online, addressing the potential ramifications of artificial intelligence (AI). However, despite the positive price action, Worldcoin remains a controversial project with several legal issues that could impact its future momentum.

One of the primary concerns surrounding Worldcoin is the high concentration of tokens among a small number of wallets. In August 2023, just 10 wallets controlled 98% of WLD’s total supply. Although progress has been made, the current situation is still far from ideal. As of May 1, the top 10 holders still control 77.62% of the token’s total supply. Notably, none of the 10 largest wallets belong to exchanges, with Binance’s wallet, the largest of its kind, being the 15th largest address and accounting for just 0.58% of the supply.

Renowned cryptocurrency investigator ZachXBT has previously raised concerns about the project’s team manipulating the token. In July, ZachXBT labeled Worldcoin as the “biggest scam token of the bull run,” adding to the controversy surrounding the project. These issues, combined with the high concentration of tokens, could serve to dampen bullish momentum going forward.