Blockchain

XRP  has experienced a small decline in value over the past few days, coinciding with a period of consolidation in the broader cryptocurrency market after four weeks of consecutive price increases.

Although data from CoinMarketCap at the time of writing puts XRP being up by 1.78% in the past 24 hours, a larger seven-day timeframe shows it is still down by 8.68%. On the other hand, price metrics including open interest on futures contracts and a bullish divergence with the RSI indicate the potential for a significant increase in the value of the token in the near future. 

Crypto Analyst Sees Solid XRP Price Action

According to crypto analyst Will Taylor known as Cryptoinsightsuk on social media, XRP is showing signs of bullish momentum that could drive the price up to his target of $1.35. The analyst took to social media platform X to point out two metrics indicating a bullish price and explain their significance.

Finally, $XRP.$XRP actually looks rather different to the other charts I’ve have just discussed.

We had $100m+ of OI added to the market in the highlighted spike (on the day of the fake ETF news).

Since this time, price has moved down and OI has stayed relatively flat. This… https://t.co/qkruUPopJ7 pic.twitter.com/SY9pEZs5mr

— Cryptoinsightuk (@Cryptoinsightuk) November 17, 2023

Exchange data shows more than $100 million of open interest on futures contracts was added to the XRP ecosystem on the day of the fake news surrounding BlackRock’s XRP ETF filing. XRP also experienced a significant price jump of 16% to $0.75 simultaneously. However, Cryptoinsightsuk pointed out that while the crypto has since lost this price spike, the amount of open interest has stayed relatively the same. 

According to the analyst, since the price of XRP has gone down, the amount of open interest on futures contracts remaining the same means they are probably short trade positions. “This shows me, there are HUGE shorts on $XRP right now,” he said.

Taking a glance at the price chart that the trader provided indicates the formation of lower highs and lower lows by XRP. The recent action was a bounce up and it is now approaching the descending upper trendline formed by the lower highs. He noted that a break above the descending trendline could be the start of an uptrend for XRP.

This might encourage people to cover their open short positions or close them out by placing buy trades, which in turn could lead to a more aggressive breakout in the market.

“This could cascade stop losses to the upside and push XRP on a fast move,” he said.

Bullish Divergence With The RSI

The trader also noted the recent creation of a higher low in XRP’s price created a bullish divergence with the RSI overbought/oversold indicator. This bullish divergence demonstrates that bulls are poised to regain control of the market and that bears are beginning to lose momentum. 

“XRP will get sent to my target range of $0.89 – $1.35,” he predicted.

Cryptoinsightuk had initially created a daily countdown for an XRP price blast-off to a target of $1.06. However, the countdown has ended and XRP is yet to blast off. 

“I was wrong on the date, but this is inevitable I feel,” the analyst said.

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OpenAI recently announced a shocking leadership change with Sam Altman being ousted as CEO. After five years of being at the helm of taking OpenAI from a $0 to $80 billion valuation, the AI company is now at a crossroads with Altman departing and former Chief Technology Officer (CTO), Mira Murati taking over as interim CEO. 

Altman hasn’t provided specifics of his next actions; however, he has posted on social media that he “will have more to say about what’s next later.” In light of this, Charles Hoskinson, the creator of Cardano, sees a window of opportunity. Hoskinson gave the former CEO a bold proposal on social media platform X to join hands in establishing a decentralized language learning model in partnership with the Cardano blockchain. 

Sam @sama since you have some free time now. If you are interested in doing a decentralized LLM, then hit me up. Would be a fun Cardano Partnerchain

— Charles Hoskinson (@IOHK_Charles) November 18, 2023

Hoskinson Wants To Build A Decentralized Language Learning Model

Charles Hoskinson has a vision for AI that embraces decentralization and openness. As the founder of Cardano and a former co-founder of Ethereum, Hoskinson knows a thing or two about building decentralized networks. Hoskinson’s vision of a decentralized language learning model is ambitious, but promising. 

On the other end, if there’s anyone who knows anything about language learning models, it is definitely Sam Altman. The former CEO is known for being one of the architects of the language models that power ChatGPT, which has gained widespread adoption since its launch in November 2022.

If Altman takes Hoskinson up on his offer, it could mark a turning point in how AI models like ChatGPT are built and how they serve users. A decentralized LLM would essentially be available to everyone and resistant to censorship, tampering, and monopolization by governments and large corporations, which is one of the concerns being raised regarding existing LLMs. 

Aftermath Of Sam Altman’s Removal As CEO

Altmann’s removal as CEO sent ripples around the AI and crypto industries. Greg Brockman, president and one of the co-founders of OpenAI, also announced his departure from the company. 

As one would expect, WorldCoin reacted negatively to the news. According to data from Coinmarketcap, Worldcoin (WLD) dropped by 12.75% in the hours following the news of the CEO’s removal. However, the crypto has since recovered and is now trading at $2.38. 

According to OpenAI’s announcement, the decision to fire Altman was made by the board of directors, as they’ve lost confidence in his ability to continue his duties as CEO due to his lack of transparency in his communications. However, rumors are that OpenAI investors are looking to reinstate Altmann into his job as CEO.

Cardano ADA is trading at $0.375 at the time of writing. According to a crypto analyst, ADA could spike to the $0.78 mark if it is able to break out of the current falling wedge pattern.

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Recent data analysis reveals a significant decline in the performance of YFI, the native token of the Yearn Finance platform. In a dramatic overnight development, the native token of the Yearn Finance ecosystem witnessed a staggering 40% plunge.

This downturn in YFI’s performance prompts a closer examination of the intricate dynamics within the decentralized financial landscape. The abrupt and substantial drop has ignited a wave of speculation within the community, with some expressing concerns about the possibility of an exit scam.

Much of its recent profits was wiped by the slump. Investors quickly sold off their holdings in YFI in response to the wider selloff that had shook the cryptocurrency market as a whole, which caused a sudden shift in value.

Yearn Finance Suffers An Apparent Exit Scam

As users seek to navigate and capitalize on the potential returns of the crypto market, the fluctuations in YFI’s value underscore the inherent volatility and complexity of DeFi environments.

Specifically, YFI plummeted from $15,450 to $8,950 within a mere 24-hour period. This sharp and rapid descent represents a substantial loss of $6,510 in the value of YFI.

The price of YFI has seen a noteworthy rising trend during the last seven days. The asset was trading at almost $9,000 just a week ago. But it quickly gained momentum and by Friday, it had reached its highest price point in more than a year—above the $15,000 level.

JUST IN: Yearn finance ( $YFI ), one of the biggest platforms in the DeFi ecosystem, has just plummeted over -45% in an apparent exit scam by insiders.

Nearly half of the entire supply for YFI is held by 10 wallets, and over $250 million in market value has vanished in minutes pic.twitter.com/pMqonBcgux

— WhaleWire (@WhaleWire) November 18, 2023

In a matter of hours, the market capitalization experienced a significant decline, with almost $250 million disappearing. The market cap plummeted from $525 million to $275 million. It is once again seeing an upward trend; however, investor sentiment has been negatively impacted by the abrupt decline.

The recent sell-off has incited a weekend characterized by fear, uncertaintly and doubt (FUD) among members of the cryptocurrency community.

According to certain users on X (formerly known as Twitter), there are assertions made regarding the distribution of the token supply, suggesting that 50% of the tokens were held within 10 wallets under the supervision of engineers.

It appears that Yearn Finance $YFI was rugpulled

One of the biggest DeFi platforms plummeted over -50% in an exit scam by insiders

Approx half of the entire supply for YFI is held by ~10 wallets. Over $250 million in market value has vanished in a few hours pic.twitter.com/Y1TbtlkltC

— Solid 堅固 (@SolidTradesz) November 18, 2023

Nevertheless, according to data from Etherscan, it is indicated that a portion of these holders could potentially be wallets associated with cryptocurrency exchanges.

The rollercoaster ride in YFI’s market hasn’t just been a wild descent; it’s been a game-changer for crypto traders riding the waves of this digital asset’s fortune.

Crypto Holders Lose Nearly $5 Million

According to insights from derivative market tracker, CoinGlass, the recent nosedive in YFI has left crypto enthusiasts nursing a whopping $4.99 million in losses through liquidations.

Those traders who wagered on YFI’s upward trajectory found themselves taking the most substantial hit in the aftermath of the digital asset’s dramatic crash. It’s not just numbers on a chart; it’s a tale of high-stakes bets and unforeseen twists in the ever-unpredictable world of crypto trading.

Zooming in on the details, according to CoinGlass data, the brunt of the blow in the near $5 million total liquidations is borne by long positions, tallying up to a substantial $3.5 million in losses.

The majority of these traders find themselves navigating the aftermath on platforms such as the giant Binance, alongside participants from Bybit and OKX.

It’s a vivid snapshot into the crypto battleground, where the casualties of this market turbulence are felt by those who took bullish positions, and the ripples extend across some of the most prominent exchanges in the digital arena.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Markus Spiske/Unsplash

Dogecoin is definitely on a rally as shown by crypto market numbers. The cryptocurrency has experienced a significant market increase amidst a wider consolidation, with the price up by 7.46% in the past seven days. 

Although the price of DOGE was recently pushed back down today by some level of resistance near $0.087, it has since bounced back up again at $0.082. At the time of writing, DOGE is trading at $0.084, an increase of 2.4% from this support level. This indicates that the bulls are not ready to give up buying momentum. 

According to a recent post by crypto analyst Rekt Capital on social media, DOGE has finally confirmed a break out of a descending channel pattern. On-chain signals also point to a huge surge in interest and trading volume, indicating DOGE might be going higher soon.

$DOGE has confirmed a breakout from its Channel#DOGE #Crypto #Dogecoin pic.twitter.com/SvmtG65FZa

— Rekt Capital (@rektcapital) November 17, 2023

Metrics Signal Impending Breakout

The current state of the cryptocurrency market appears to be one of general consolidation when viewed through the lens of the price action of the many different cryptocurrencies that are tracked by Coinmarketcap. 

Crypto market caps seem to be running out of steam after a four-week consecutive rally. However, Dogecoin’s market value has been increasing over the past week, bucking the trend of most other cryptocurrencies in the top 10 by market size, which has all shown a decline in their market caps over the past week. 

Dogecoin has finally broken out of its narrow trading range in the weekly candle chart, surging over 45% in the past month. Several catalysts have contributed to this impending breakout, one of which is an increased trading activity. Another catalyst is the announcement of Astrobotic’s plan to send a physical Dogecoin token to the moon in December.

Whale movements have also contributed for the most part. According to on-chain data from crypto analytics platform Santiment, the cumulative balance of wallets holding 10 million to 1 billion DOGE has increased from 44.63 billion DOGE tokens on November 1 to a cumulative balance of 47.38 billion DOGE tokens on November 17th. As a result, these large holders have increased their holdings by 2.75 billion DOGE, worth approximately $231 million at the crypto’s current price.

How High Can The Dogecoin Price Go?

The technical indicators for Dogecoin are looking quite bullish right now. The short 10-day Moving Average has climbed steadily above the longer 21-day Moving Average since a bullish cross on October 23 last month, indicating the bulls still have major control over the market. A continued bullish momentum could see the crypto break various price resistances, the first being the $0.87 level.

Doge is trading at $0.08440 at the time of writing. The next hurdle is to break above $0.09 and then move towards $0.1. According to IntoTheBlock’s Global In/Out Of The Money metric, about 1.58 million addresses are still waiting for DOGE to climb above their minimum buying price of $0.858 before making a profit.

The altcoins market has been on a tear over the past few weeks, thanks to the resurgence of the premier cryptocurrency, Bitcoin, and the shifting climate of the general crypto market. Although the recent momentum of the altcoin market seems to be waning, there is still broad optimism amongst many investors and analysts.

Mags, a popular crypto analyst on the X (formerly Twitter) platform, has offered insight into the current landscape of the crypto assets class and its future prospects as the bull market seemingly approaches.

Altcoins To Go Parabolic Again?

In a post on X, Mags put forward a bold forecast for the altcoins market capitalization and expects the value of most cryptocurrencies to go parabolic in the coming years. The crypto analyst’s bullish argument revolves around the Moving Average Convergence/Divergence (MACD) indicator on the monthly timeframe of the altcoin chart. On the highlighted chart, the monthly MACD is on the verge of making a bullish cross. 

#Altcoin will go Parabolic Again ?

Monthly MACD on the Altcoin Marketcap is about to Cross Bullish

In 2020 we saw a similar bullish cross on MACD and Altcoin Marketcap went from – $85 B to $1.73 T (+2100%)

The Altcoin Market Cap currently sits at $650 B.

Even if it… pic.twitter.com/NwvCbxRTwY

— Mags (@thescalpingpro) November 17, 2023

From a historical standpoint, the crypto analyst cited that a similar bullish cross occurred on the Moving Average Convergence/Divergence indicator in 2020. Following this cross, the altcoins market cap skyrocketed by more than 2,000% from $85 billion to $1.73 trillion. If this MACD cross forms again, Mags expects a similar bull run for the altcoins market.

In what seemed like a more realistic stance, the crypto analyst postulated a surge to a $7 trillion market cap by 2025, even if the altcoins experience only half of the 2020 growth. This represents a roughly 1,000% rally from the current altcoin market cap of $637 billion.

According to data provided by CoinGecko, the total cryptocurrency market capitalization stands at $1.429 trillion, with Bitcoin maintaining its place as the largest cryptocurrency (market cap of more than 700 billion).

Bitcoin Reclaims Dominance In Crypto Market

According to a recent report by Santiment, Bitcoin seems to be back to dominating the altcoins after a good run in the past month. The on-chain analytics platform highlighted that most cryptocurrencies have been witnessing a price correction at the tail end of the week.

#Bitcoin price dominance is finally back, at least for the time being. #Altcoins have been retracing on the tail end of the week after the past month’s blistering hot rally. If the crowd begins to get worried and show #FUD, however, we could see some quick price rebounds. pic.twitter.com/VAcKd27WIH

— Santiment (@santimentfeed) November 17, 2023

Many of the tokens in the altcoin class, including recent top performers like Solana, Cardano, and Avalanche, appear to be slowing down. Nevertheless, Santiment said that swift price rebounds could occur “if the crowd begins to get worried and show FUD (fear, uncertainty, and doubt).”

Bitcoin recently gave a bearish signal, which ultimately failed to produce a meaningful pullback.

Due to the technical failure, historical data suggests that in only a matter of a month BTCUSD could set a new all-time high and reach a target of $85K per coin. Here’s why.

Why Failed Bearish Technicals Produce Bullish Breakouts

In technical analysis, certain patterns are considered characteristically bearish or bullish. For example, the ascending triangle is a typically bullish-leaning pattern, but only breaks upward 63% of the time. The other 37%, the pattern breaks down bearish.

Because of the nature of how orders and stop losses are stacked on either side of a pattern’s trend lines, a failed bullish pattern can be extremely bearish and vice-versa. Dissecting further, since the pattern was visibly bullish, it could have attracted more long-side positioning that is forced to unwind lower.

Recently, Bitcoin price gave a bearish TD9 sell setup on the weekly TD Sequential. However, no major correction followed. When this occurs, it often results in a sizable move in the opposite direction of the signal.

More simply put, the failed TD9 sell setup could mean a massive move higher. And how high price could go and how fast might shock you.

Market Timing Tool Hints At Bitcoin Rally To $85K

The TD Sequential is a market timing indicator developed by Thomas Demark. A TD9 setup or TD13 countdown is a specific sequence of candles that signal trend exhaustion.

Back in 2020 when this same signal failed, Bitcoin blasted off to new all-time highs above $20,000 and then some. It rallied 143% in the four weeks following the signal and over 300% more in total when it was all said and done.

If the same magnitude move followed this recently failed TD9 sell setup, Bitcoin price would reach $85,000 by the end of December. Another 300% beyond the current all-time high in BTCUSD would take the top cryptocurrency to over $200,000 per coin in total.

In terms of lower prices, the indicator also provides TDST support and resistance levels. These levels rise and fall with each completed TD setup. This latest setup caused TDST floor price support to raise from $10,000 to $25,000, reducing the chances that BTCUSD ever trades below that price again.

In December 2020, after a failed TD9 sell setup, #Bitcoin did another 143% in 4 weekly candles, pushing above former ATH resistance

The same magnitude move would bring $BTC to another new ATH at $85,000 before the end of the year

Still doubt my thesis we’ll see ATHs in 2023? pic.twitter.com/GwCXEaY1II

— Tony “The Bull” (@tonythebullBTC) November 17, 2023

Amid the ongoing Ethereum scandal, former Ethereum advisor and attorney Steven Nerayoff has recently revealed how he plans on sharing proof of Ethereum founders’ fraud activities in the early days of the cryptocurrency asset.

Ethereum Founders’ Fraudulent Acts To Be In Lawsuit

Following an X (formerly Twitter) post by a user Heidi from Crytotips, the crypto enthusiast was seen trying to underscore the lack of authenticity from Nerayoff’s claims. According to her, his accusations were a no-brainer due to the disclosure lacking proof of his accusations.

However, Nerayoff in response to the video, asserted that he never claimed his accusations were going to be in the disclosure highlighting the crypto enthusiast’s lack of proper research. He further added that he is going to reveal the fraudulent acts of the founders in his lawsuit.

Nerayoff had always noted that his recording was not actually linked to his accusations but rather his involvement with Vitalik Buterin. “The recording isn’t directly related to the fraud but will illuminate a lot of what was happening & show my involvement. The fraud will be in the lawsuit,” Nerayoff stated.

Furthermore, the crypto expert also pointed out Nerayoff’s accusations towards federal agencies. According to her, the former advisor was a little paranoid with his accusations.

During an X space, Nerayoff accused some high federal agencies of fabricating evidence against him in order to take him out. These include the SEC, FBI, and the DOJ.

Nonetheless, in response to that, Nerayoff has asserted that this was actually proven and publicly filed. “The paranoia about the agencies? Well, that’s actually proven & publicly filed,” Nerayoff stated.

Crypto Asset Is Not Decentralized From The Onset

It appears Nerayoff’s claims about ETH not being decentralized from the early days are authentic.

The post also saw the crypto enthusiast pointing out Nerayoff’s claims of ETH not being decentralized from the beginning. According to her, cryptocurrencies are not expected to be decentralized from the start and only the core team members know about a crypto asset from the start.

If the expert is right then this basically means Will Hinman’s speech in 2017, about the asset being decentralized from the start was inaccurate. 

During the early days of the asset, Hinman asserted the decentralized nature of ETH, when it was considered as a security by the SEC. According to him, ETH was too decentralized to be considered a security.

So far, both founders still have not responded to Nerayoff’s accusations. Nerayoff believes that their silence is due to the evidence he has against them.

“Vitalik & Lubin are vicious if they have leverage. Lubin said to me in July 2018 about a network “It’s a centralized piece of sh*t” right after the Hinman speech! They stay silent because I’ll drop more receipts,” Nerayoff stated.

Featured image from Pixabay

XRP is one of the few cryptos with impressive price action this year. The cryptocurrency has been in the public eye for the past few months, as traders wait eagerly for XRP to embark on a major bull run ultimately. However, the crypto has been down for the past few days amidst ongoing market consolidation. Price action shows that XRP is down by 9% in a 7-day timeframe and is currently trading at $0.59. 

A recent price prediction made by the cryptocurrency exchange Changelly suggests that the value of XRP could skyrocket to the moon very soon. Its new price forecast says it could surge over 1,700 times its current value over this decade. This would cause the price of one unit of the token to increase from its current level of approximately $0.60 to more than $11 by 2030.

Changelly’s Very Bullish Prediction

XRP’s growth has mostly been deterred since 2020 by the SEC’s lawsuit with Ripple, the technology company tied to the crypto asset. The situation changed recently in July 2023, and XRP is now in a position to step out of the shadow cast by this lawsuit.

Although XRP’s price chart has rebounded at a resistance at the $0.70 level and looks like is going to end today with a red bearish candle, general sentiment still remains bullish in the long term.

According to Changelly’s XRP price prediction, the crypto points to a 63 greed on the XRP Fear-Greed Index. As a result, the exchange puts the monthly closing price at $0.8032, a 33.87% increase from its current price. 

The optimistic outlook of the crypto exchange extends well beyond the scope of the current year’s forecast. Changelly predicted that XRP could break above its current all-time high of $3.84 by 2027. 

Assuming the trend of price appreciation continues, XRP may surpass the $10 threshold by 2030, registering an average and maximum price of $9.71 and $11.37 respectively. This represents a staggering 1,790% increase from its current price. Additionally, the company also projects XRP reaching an average price of $19.91 in the two years after and a maximum price of $23.46 by 2032.

How Feasible Is This Projection?

As of right now, XRP is the only crypto with a clear regulatory status in the US. Changelly’s price prediction is obviously very bullish, but it resonates with the larger sentiment among crypto traders and analysts.  

In the short term, most analysts expect XRP price to remain volatile but trade within the $0.6 to $1 range for the remainder of 2023. Very bullish predictions have come for a larger timeframe. Analyst ERGAG CRYPTO has set various targets for XRP’s price, ranging from $5 to $27. From a technical perspective, XRP’s price just entered a Dollar Cost Averaging (DCA) ranging zone, presenting an opportunity for buying more xRP.

There’s no guarantee that XRP will reach $10 or even come close, but Ripple’s progress with various financial institutions and payment providers fuels optimism about XRP’s future value over the next decade.

Featured image from Pixabay

Kaspa, a relatively recent entrant to the cryptocurrency market, has emerged as one of the top performers this weekend, experiencing a remarkable surge in value. This surge aligns with a broader trend, as the entire market capitalization of the crypto market has grown by over 5%, underscoring a substantial increase in overall value.

In the past week alone, Kaspa’s price has soared significantly, contributing to its standout performance in the dynamic cryptocurrency landscape.

The value of Kaspa (KAS) surged last week after it was added to the Coinbase Global platform, hitting a record high. This is frequently linked to the “Coinbase effect,” which gives the listed commodity a sense of legitimacy.

Also, following the announcement of possible expansion in the Bitcoin cloud mining phenomenon, the altcoin saw a sharp increase. In the next days, there will also be updates on KAS’s integration with the OKX wallet and a $1 million airdrop.

The sentiment gained steam when one of the biggest cryptocurrency exchanges in the world, Binance, declared that it would launch Kaspa for perpetual trading, Friday, drawing interest from investors.

The token’s price climbed by 15% in just one day as a result of this statement, while trading volume increased by 80% between Thursday and Friday. With better order execution and lively buyer-seller interaction, the increased activity indicates that the market is reacting favorably to the listing.

At the time of writing, KAS was trading at $0.135, up nearly 6% in the last 24 hours, and commanding a solid 55% rally in the last seven days, data from crypto price aggregator Coingecko shows.

As November commenced, there was a notable positive turn of events as the price successfully breached the upper boundary, signaling a potential shift in market dynamics.

Subsequently, the Kaspa coin witnessed substantial price movement, attaining a fresh annual peak. However, it encountered resistance and was turned away at the $0.09732 mark, leading to a correction with a decline exceeding 10% in value.

Despite this setback, Kaspa’s price regained traction, surpassing resistance levels and steadily appreciating. In more recent developments, the price confronted rejection at $0.137, setting the stage for an imminent retest of this level, the outcome of which remains uncertain.

On average, the price of a newly listed coin on the Coinbase exchange tends to increase by over 80% within the first five days of its listing. Notably, Kaspa has had a growth of more than 60% since reaching a low of $0.0800 on November 13.

The act of becoming publicly listed on the top cryptocurrency exchange in terms of trading volume is indicative of establishing credibility and authenticity.

Even while metrics like the Relative Strength Index (RSI) indicate that Kaspa might be overbought, upside is still possible. Long-term investors may have an opportunity if KAS can break above $0.140 and achieve a new range high of $0.148, according to market observers.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pixabay

Worldcoin (WLD) experienced a sharp decline in its market price on Saturday after its founder, Sam Altman, was removed as the CEO of popular artificial intelligence company OpenAI. This development follows the heavy regulatory scrutiny on the crypto project due to privacy concerns.

OpenAI Votes Out Sam Altman, Cites Loss Of Confidence

In a shocking development on Friday, OpenAI announced a leadership change, stating that Sam Altman will immediately exit the company as its CEO. 

In this statement, the company expressed its gratitude to Altman for contributing immensely to their development during his four-year tenure as their global leader. 

However, after an intense review process by the board of directors, it was concluded that the Worldcoin founder had not been fully honest in his exchanges with the board, leading to a loss of confidence in his ability to continue his duties as CEO.

Following Altman’s departure, Mira Murati, OpenAI’s chief technology officer, will now act as interim CEO pending the appointment of a permanent successor.

However, as one could expect, Altman’s removal as OpenAI CEO, combined with the scathing statements in the company’s announcement, has created a negative sentiment around the Worldcoin project. 

According to data from CoinMarketCap, WLD is currently down by 12.75% over the last 24 hours. Meanwhile, the token’s daily trading volume has managed to remain afloat with a 15.13% gain.

What Next For Worldcoin? 

Worldcoin was officially launched in July with the goal of creating the largest digital identity and financial network. The project relies on the use of iris-scanning orbs to physically admit new members, prompting concerns about privacy, anonymity, and user data protection.

After Altman’s departure from OpenAI, there are currently speculations on Worldcoin’s future trajectory. Clearly, Worldcoin benefited from Altman’s visibility as OpenAI’s CEO, as reflected in the token’s current downtrend.

Notably, WLD gained by over 25% in October, with many analysts citing anticipation of the OpenAI developer conference in November as the driving force. 

Therefore, the removal of Altman from OpenAI may not bode well for Worldcoin in terms of credibility and public investor sentiments. On the other hand, Worldcoin could soon recover from its market slump and rise to higher heights despite this new challenge. 

Following its public official launch in July, Worldcoin came under much criticism from global regulators who expressed concerns over operations in regard to the collection of data using iris scanning orbs and the potential applications of user data. 

Notably, Worldcoin has been suspended from Kenya, while the governments of the United Kingdom and Germany have opened investigations into the project’s operation. 

However, the crypto project has remained resilient despite these regulatory hurdles, marking a milestone of 4 million app downloads and 1 million monthly active users, as reported earlier in November.

At the time of writing, WLD trades at $1.85, with a 0.86% decline in the last hour. Meanwhile, the token’s market cap stands valued at $211.37 million.