Worldcoin’s WLD token has experienced a significant setback, falling by 9.1% within the last 24 hours and marking a total loss of 43.6% over the past 30 days.
The token, a part of Sam Altman’s crypto venture, has seen its value decline since its launch approximately one month ago.
Presently, as of 4:15 p.m. HKT, the WLD token is trading at around $1.33, in stark contrast to its $2.36 value a month ago, according to CoinGecko data.
The recent dip in WLD’s token price is causing concern, especially when viewed against the backdrop of a recovery in other tokens like Ripple’s XRP, noted Jeff Mei, the Chief Operating Officer of crypto exchange BTSE.
Mei underlined, “Despite being a recent entrant, Worldcoin faces regulatory challenges due to data privacy apprehensions.”
He further explained that regulatory pressures have resulted in the exclusion of U.S. residents from engaging in the purchase or trade of the token, intensifying selling pressure.
There have also been reports of Kenya’s parliament establishing an investigative committee to scrutinize Worldcoin’s operations within the country.
Worldcoin’s project, led by Tools for Humanity, was co-founded by Sam Altman, Alex Blania, and Max Novendstern in 2019.
The project urges users to verify their identity online by obtaining a World ID through an iris scan
The situation has been challenging for Worldcoin as governmental resistance has grown. Kenya, where Worldcoin attracted hundreds of thousands of customers, suspended the project this month.
Worldcoin had previously registered over a quarter of a million individuals in Nairobi, the capital city of Kenya, as of December 2022.
Additionally, Bavaria’s State Office for Data Protection Supervision has been investigating the project since the previous year, citing concerns about how sensitive data could potentially be utilized.
