Worldcoin’s turbulent launch failed to pick up AI token trading in August

Rate this post

The cryptocurrency market as a whole has gone through a very turbulent period so far this year due to several macroeconomic events. Meanwhile, the controversial launch of WorldCoin has turned investors’ attention to AI-powered tokens. However, recent trading performance, therefore saw Kaiko suggested that AI tokens remained unchanged despite the controversial crypto launch.

Why is Worldcoin in the news?

WorldCoin (WLD) was launched on July 24 this year and caught the attention of crypto enthusiasts. The main reason behind the crypto’s hype is its co-founder Sam Altman, who is also the CEO of OpenAI.

Meanwhile, at the time of writing, Worldcoin (WLD) has traded at $1.14, down 1.49% in the last 24 hours.

Worldcoin claims to focus on establishing a network consisting only of genuine individuals, excluding automated bots. The San Francisco-based company intends to distribute ‘World ID’ to individuals globally. By implementing this ‘global verification of identities’, Worldcoin envisions a future where individuals do not have to reveal personal information such as names, phone numbers or email addresses when interacting with websites.

However, regulators and privacy advocates around the world have raised significant concerns about the project, citing a lack of transparency in the organization’s data collection practices.

Accumulation of large amounts of personal data by a single company raises significant data privacy concerns.

Also Read: Texas Senator Ted Cruz Bullish On Bitcoin, Bitcoin Mining Benefits US Economy

How do other AI tokens fare?

Although WorldCoin’s launch boosted AI tokens, trading in August appears to be subdued. Recent data from Keiko shows that trading volume for AI-related tokens remained flat last month.

The analysis showed that trading volume of AI tokens closed roughly at $870 million last month compared to $570 million at the end of July. However, compared to the beginning of the year, the volume has decreased significantly.

Meanwhile, Desislava Ianeva, an analyst at Kaiko recently said AI token enthusiasm has waned since July, largely influenced by changing global risk sentiment. Combined open interest for the five major AI tokens, FET, GRT, RNDR, OCEAN and ROSE, fell from $170 million in February to $60 million in August.

Also Read: US SEC interlocutory filing is “hypocritical” and has no impact, says Ripple CLO

Leave a Comment