Market Performance

At the time of writing, WLD is trading at $2.36, according to data from CoinMarketCap (CMC). The asset's market cap is currently around $357 million, ranking it as the 98th-largest digital currency.

Additionally, Worldcoin's daily trading volume has soared by 116%, reaching $357.8 million. Despite this recent surge, WLD remains 80% below its all-time high of $11.82, which was reached on March 10.

Executive Hires Fuel Surge

The recent price jump follows an announcement from Tools for Humanity, the software company behind Worldcoin, about the addition of new executives from top technology firms, including Google, Apple, Meta, and Tesla.

Regulatory Scrutiny

Worldcoin has faced scrutiny from data protection regulators in countries such as France. Earlier this year, its iris scanning and identification operations were found to violate data protection principles in Hong Kong. The region’s Privacy Commissioner for Personal Data (PCPD) reported that these operations contravened Hong Kong’s data protection standards.

The newly hired experts aim to ensure the company complies with privacy regulations and frameworks. They will also work to provide transparency and understanding of Worldcoin's tools to external audiences, particularly privacy regulators.

Upcoming Token Unlocks

The 24-hour surge in WLD’s price comes a few weeks before an increase in daily token unlocking. According to Messari, Worldcoin’s daily token unlocks are currently at 3.19 million WLD, worth approximately $7.91 million. By July 24, 2024, this figure is expected to more than double to 6.61 million WLD tokens, worth approximately $16.39 million daily.

Token unlocks, similar to share vesting schedules in traditional organizations, refer to the gradual release of previously restricted cryptocurrencies to prevent large-scale selling during the early phases of a project. These unlocks create liquidity and are often associated with bearish sentiments due to the increased availability of the tokens.

Market Context

WLD's price increase occurs amid a broader downturn in the global crypto market, which has dropped over 4% in the last 24 hours, currently standing at $2.17 trillion. Bitcoin, the pioneering cryptocurrency, has also experienced a decline, falling by 3.5% to $58,760 at the time of reporting.