Worldcoin shoots up despite the controversies. What is happening?

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One of the cryptocurrencies that has caused the most controversy since mid-2023 is the Worldcoin token (WLD). As BitcoinDynamic has explained in numerous articles, This token is given to those who voluntarily undergo a biometric data scan in special devices called «orbs.» Although the Worldcoin organization claims to work with high standards to maintain the security and privacy of its users, many governments have set their eyes on this digital identity protocol. Many bitcoiners and cryptocurrency enthusiasts have also expressed concern. Despite all this, WLD has a week on the rise. As can be seen in the chart below, the price of WLD increased 15% in the last 7 days.

WLD price in the last 7 days. Source: CoinGecko. Thus, WLD is positioned as one of the cryptocurrencies and tokens with the greatest appreciation in the last weekafter Render (RNDR) which leads the ranking, and before the memecoins dogwifhat (WIF) and pepe (PEPE).

5 cryptocurrencies and tokens with the highest price increase in the last 7 days. Source: CoinGecko.

Worldcoin redoubles efforts to take care of its image

The rise of WLD can be explained, in part, by the general movement of the market. At the time of this publication, more than 50 cryptocurrencies (among the 100 with the highest market capitalization) are on the rise. The thing is that, as usually happens, altcoins follow the trend of bitcoin (BTC), which has recovered after having «visited» $57,000 this week. It is now trading around $64,000. But, also, the development team of the Worldcoin protocol has made concrete actions in favor of the image of your product which, as mentioned at the beginning of this text, has received many questions. Among these actions are, for example, marketing campaigns, such as an advertisement filmed in Argentina and in which Leo Messi participates. But it is not the famous soccer player but an Argentine citizen whose name is similar to that of the sports star (with the difference that he is Leonel and not Lionel). It is worth clarifying that This Leonel Messi exists and he is a public official from the city of Río Cuarto, Córdoba.

Apparently, the Worldcoin organization has focused on Argentina since last week Alex Vania, CEO of Tools for Humanity (the organization behind Worldcoin) visited the country. According to the local press, he was able to meet with representatives from different fields, including Demián Reidel, a member of President Javier Milei's Council of Advisors. Vania, consulted by journalists, explained the reason for the success of Worldcoin in Argentina, according to his opinion:

«This is a very special time for Argentina. I think our popularity has to do with the fact that it was the first country in Latin America where we started operating and talking to users. In Europe it was in Germany. In Asia we start in South Korea. And Argentina has a crypto penetration that is among the highest in the world, it is in the top five. And it has a stable democracy, and a strong economy, beyond the current challenges, which I think is what is accelerating the adoption of cryptocurrencies at a greater rate than in the rest of the world. Alex Vania, CEO of Tools for Humanity.

His perception of Argentina as a country with a strong economy is striking. Anyone might think that it is, on the contrary, the fragile economic situation in Argentina that leads many to scan their iris in exchange for receiving the WLD token that they can then sell for pesos.

As BitcoinDynamic has reported, the state's gaze has fallen on Worldcoin in Argentina, mainly in the Province of Buenos Aires where even bills have been presented to regulate the organization's activities.

What to expect for the Worldcoin price in the coming days?

Of course, answering the question in this intertitle is entering the realm of financial speculation. No price prediction can be taken as infallible. Anyway, technical analysis and some data on WLD tokenomics can help you think about where its price is headed. Assuming the market, overall, continues to be bullish for cryptocurrencies, WLD could benefit from the “drag effect.” If that happened would have a high probability of reaching the area between 6.50 and 7.50 dollars. As you can see in the chart below, that has been a price zone where WLD has bounced both up and down. And it has also remained lateralized there, sometimes for a few hours or days. Therefore, by simple market psychology, it could behave like a resistance zone again:

Worldcoin (WLD) price history chart. Source: TradingView. It is worth clarifying that WLD (like most altcoins) will depend a lot on what bitcoin does. If BTC were to have another “hiccup” and crash, any bullish analysis for altcoins would likely be canceled out. A possible negative factor intrinsic to Worldcoin must also be taken into account. Treasury is progressively releasing WLD units to the market. This release is not too large (0.1% to 0.4% of trading volume) but it can still negatively influence the price of WLD if demand does not increase strongly. As BitcoinDynamic explained in an article titled «How much should WLD be worth to live off of Worldcoin?», one of the «problems» that WLD has is that only 1.85% of all WLDs that will exist have been launched on the market. This means that There is still a large amount of tokens that have not been released.

There is huge inflationary pressure not yet released in WLD. We will have to wait for the organization that makes decisions about Worldcoin to confirm how this release will be done, to determine how it will impact the price of the crypto asset in the medium and long term.