The price of Worldcoin [WLD] surged by a significant 20.61% reaching a high of $6.48 in the 24 hours on Monday on CoinMarketCap. While this surge is undeniably impressive, analysts speculate that it’s not solely attributable to Bitcoin’s resurgence to $64,000.
The recent dip in Bitcoin’s value to $58,000 had a cascading effect on various altcoins, including Worldcoin. However, the reasons behind Worldcoin’s recent surge seem to extend beyond the broader market recovery.
An analysis indicates a remarkable 111% increase in trading volume for Worldcoin during the period of its price surge. This surge in volume suggests heightened interest in the token within the broader market, indicating substantial trading activity. Furthermore, the surge in price implies a significant increase in buying activity compared to selling.
At present, the price of WLD stands at $6.13. With this upward trend, there’s a possibility that the token could revisit the $7 mark. However, a decrease in trading volume might weaken the upward momentum, leading to a gradual retracement from its recent highs.
The heightened interest in Worldcoin is also influenced by external factors. Recent announcements from the Worldcoin team regarding the launch of a layer-2 solution on Ethereum (ETH) and potential partnerships with OpenAI, led by Worldcoin’s founder Sam Altman, have contributed to the buzz surrounding AI-themed tokens, subsequently driving up the price of Worldcoin.
This surge in interest is further supported by an increase in development activity, as reflected in the rise of the development metric to 0.54 before a slight decrease to 0.50. This indicates ongoing efforts by the Worldcoin project to introduce new features to its network. Additionally, on-chain data reveals a rise in active addresses to 259,000, suggesting an improved level of interaction with WLD compared to recent lows.
