Worldcoin Surges, Wallet App Strikes a Million Daily User Mark: Details

The main reason behind this price surge is a boom in Worldcoin’s wallet app – named ‘World App’.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 19 February 2024 17:43 IST

Worldcoin Surges, Wallet App Strikes a Million Daily User Mark: Details

Photo Credit: Reuters

As of August 2023, the total market cap of the WLD token stood at $266 million

Highlights

WLD token is trading at $7.58 after registering a gain of 140 percent
Between November 2023 and today, World App users have spiked
Presently, over a million daily users are using the World App

Worldcoin, the ambitious Web3 project co-founded by Sam Altman, is seeing better days after some downtime it experienced last year. In the last seven days, the value of the project's native token WLD reportedly spiked by 140 percent. At the time of writing, WLD is trading at $7.58 (roughly Rs. 628). The main reason behind this price surge is a boom in Worldcoin's wallet app – named ‘World App'.

Over the week, the official X handle of Worldcoin released a statement claiming that the World App has surpassed the mark of a million daily users this February for the first time.

World App, the first wallet built for the Worldcoin project, passed 1M daily users this week. This community is incredible :saluting_face: pic.twitter.com/Mf6Y51gscQ
— Worldcoin (@worldcoin) February 17, 2024

Around November 2023, the number of Worldcoin wallet users stood at around 100,000 daily active users, as per a report by CoinTelegraph.

With Worldcoin, Altman envisions the creation of a network that consists only of real humans now that AI is getting smarter and more advanced each passing day. Using the scans of people's irises, Altman plans to generate a unique global identification of individuals – that would eliminate the need for them to present their IDs like names or email ids to interact with computers and machines.

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Around August last year, Worldcoin had generated over two million signups from different parts of the world including India. People waited in lines to submit their eye scans to the Worldcoin team via its orb.

This iris collection detail, however, has raised concerns among several governments. Kenyan authorities, for instance, raided the office of Worldcoin in Nairobi only to confiscate all the stored information of the users who registered with the project.

As for now, there is no single indicator that explains Worldcoin's sudden rally other than the fact that the overall crypto market is rallying. Bitcoin is trading at over $52,000 (roughly Rs. 43 lakh) and has spiked up the prices of almost major cryptocurrencies.

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In August 2023, the total market cap of the WLD token stood at $266 million (roughly Rs. 2,207 crore). Presently, WLD's market cap stands at $73,592,859,052 (roughly Rs. 6,10,873 crore), as per CoinMarketCap.

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Further reading: Cryptocurrency, Worldcoin, Sam Altman

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More