Sam-Altman Founded World Token Rips 24%—What's Going On?
World (CRYPTO: WLD) blasted to the top of the cryptocurrency gainers list Thursday after raising $135 million to fund network expansion.
What Happened: The token, which is related to a decentralized identity verification project, skyrocketed over 24% in the last 24 hours, reaching levels not seen since early February.
The rally propelled WLD's market capitalization to $2.37 billion, its highest in over five months. The trading volume popped 165% to $1.06 billion in the last 24 hours.
On-chain activity spiked, with large transactions valued at over $100,000 spiking 62%, while daily active addresses rose 10.22%, according to IntoTheBlock.
Additionally, WLD's Open Interest exploded over 62% in the last 24 hours, according to Coinglass, indicating high interest from derivatives traders.
See Also: From Warren Buffett’s Berkshire Hathaway To Jeff Bezos’ Amazon — Bitcoin Is Now Outshining These Wall Street Titans
Why It Matters: The upsurge comes after the Sam Altman-founded project raised $135 million through a private sale of its WLD token. The financing was meant to support World’s expansion in the U.S. and around the globe.
World is an identity verification project that captures people’s irises to confirm their humanness and build a digital ID, allowing them to receive free WLD tokens. The project debuted in the U.S. earlier this month.
It has generated controversy over personal data privacy concerns and stands outlawed in Hong Kong, Kenya, and Spain as of this writing.
Price Action: At the time of writing, WLD was exchanging hands at $1.54, up 24.89% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has lost over 25% of its value.
Photo Courtesy: ARTEMENKO VALENTYN on Shutterstock.com
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