Worldcoin’s price fell 20% from a high near $8, amid 4.73% decrease in the market cap of top artificial intelligence (AI) tokens over 24 hours.
According to Crypto.com, the identification project co-founded by OpenAI CEO Sam Altman Worldcoin dropped to as low as $6.26 post its recent peak at $7.96.
Worldcoin and AI Tokens’ Correction
The 20% correction of Worldcoin price reflected the wider market trends among AI-focused tokens. At the time of writing, the top AI tokens market capitalization has made a 4.73% dip over the past 24 hours, marking a total market cap at $33 billion.
Among the top six AI cryptos listed by the website, up to five tokens dropped by 6-7%, including Internet Computer (ICP)’s 6.63%, NEAR Protocol (NEAR)’s 7.6%, Injective (INJ)’s 6.9%, The Graph (GRT)’s 6.44%, and Theta Network (THETA)’s 6.84%.
Founded by Sam Altman, Max Novendstern and Alex Blania, Worldcoin started as a digital identity project that uses blockchain technology to verify users’ identities securely. The project rewards individuals with WLD tokens for participating in iris scans.
3.5 million unique humans strong.
— Worldcoin (@worldcoin) February 20, 2024
On Feb. 20, Worldcoin posted on social media and claimed that the total number of the users verified has reached 3.5 million, marking the new milestone for the initiative.
Price Surge Fueled by Sora
Worldcoin previously saw a significant 170% increase in its value over a week, propelled by the unveiling of OpenAI’s video creation model, Sora. CoinMarketCap data reveals the price of Worldcoin escalated to $6.83, up from $2.5, boosting its market cap to nearly $900 million.
On February 18, Worldcoin announced that the daily active users of the World App surpassed one million. This surge in user engagement coincides with the broader attention on OpenAI’s new innovation and AI technologies.
The Feb. 15 introduction of text-to-video model Sora by OpenAI, which allows the creation of detailed videos up to 60 seconds long, has fueled interest in Worldcoin.
At the current stage, OpenAI only plans to grant access to Sora to a limited number of creators initially, showcasing advanced video-generating capabilities.