Worldcoin: One day after launch, WLD FUD thrives

Worldcoin: One day after launch, WLD FUD thrives

  • After a brief decrease, WLD gained another 22.35% in the last 24 hours.
  • Ethereum’s co-founder discussed some pros and cons as positive sentiment fell.

The much-anticipated launch of Worldcoin [WLD] was met with great fanfare. However, its initial hours of entering the market were not without controversy. As a large part of the market expected, the WLD token, backed by a number of Venture Capitalists (VCs), increased as high as 85% within hours of the introduction.

How much are 1,10,100 WLDs worth today?

However, the same price fell by 22.28% momentarily before its latest race back to $2.48 at press time. But that’s not all that has happened with the project. 

FUD in the building 

Just one day after its launch, FUD (Fear, Uncertainty, and Doubt) seemed to surround the project. This was because potential investors raised questions and some on-chain analysts dived deep into possible cons. 

As a result of the spreading discussions and comments about WLD, Santiment tweeted that WLD was one of the top subjects being analyzed on several social platforms. However, the on-chain analytic platform also noted that most of the conversions tilted towards negativity.

🌎 #Worldcoin is atop the trending subjects on #Twitter, #Reddit, #Discord, #Telegram, and #4chan following the launch of @sama‘s new asset. $WLD is seeing negativity thus far, which is a reflection of the crowd’s #FUD toward #crypto in general, currently.

— Santiment (@santimentfeed) July 25, 2023

Previously, Ethereum’s [ETH] co-founder Vitalik Buterin had made his opinion about the project known to the public on 24 July. Dissecting Worldcoin’s Proof of Humanity idea, Buterin noted that the privacy concerns and ethical issues raised in some corners could be valid.

At the same time, he opined that the proof of personhood developed by the project was important. He gave reasons for this opinion explaining that,

Proof of personhood is valuable because it solves a lot of anti-spam and anti-concentration-of-power problems that many people have, in a way that avoids dependence on centralized authorities and reveals the minimal information possible

On another end, pseudonymous on-chain sleuth ZachXBT raised some issues about the Worldcoin project. According to him, the project’s verification method could lead to the emergence of black-market accounts.

3/6 Verification that you’re a real person seems to only currently be enforced at the enrollment level.

This has lead to the emergence of a Black Market for accounts. Currently accounts got as low as $1 per account on Telegram.

— ZachXBT (@zachxbt) July 24, 2023

A quick change in the narrative

ZachXBT also accused Wolrdcoin of exploiting people from developing countries. But he also mentioned that the project’s future depends on the general narrative it would get around the crypto community.

Meanwhile, the weighted sentiment around WLD has been declining. At press time, the metric was down to 4.588. Intuitively, this metric is a social-volume weighted balance of the perception of an asset.

Realistic or not, here’s WLD’s market cap in ETH terms

When it spikes, it implies that a vast majority of messages around an asset are positive. But when it falls, it means the average comment about an asset is negative, like in WLD’s case. This reinforced Santiment’s aforementioned opinion that FUD existed.

On the social volume front, the on-chain analytic platform showed that it had decreased. This means that the search for the WLD token has reduced compared to the period of launch.

Worldcoin weighted sentiment and WLD social volume

Source: Santiment

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