Worldcoin rebrands to change the name to “World” and introduces Orb 2.0. Is an uptrend on the cards for the altcoin despite recent dip?
- Worldcoin rebranded to ‘World’ and introduced Orb 2.0. Despite positive market sentiment persisting, WLD has declined by 2.71% after the news.
During a recent event in San Francisco, Worldcoin [WLD] said that it has changed its name and will now be known as “World.”
According to the team, this move aligns with the company’s goal to expand its operations beyond the ownership of the WLD token to constitute identity verification in an AI-centered and driven future.
Additionally, the founders Sam Altman and Alex Blania revealed a new generation verification tool, Orb 2.0.
The new version is an improved version of the project’s Iris-recognition technology. With advanced technology from Nvidia, the Orb 2.0 will support various capabilities such as self-service kiosks, and use an application to call the Orb for personal service.
Notably, these two developments aim to increase the usage of WLD tokens along with its ecosystem.
Impact on WLD price charts?
As expected, WLD had an immediate reaction to the news, although not what many expected. As such, WLD experienced a sharp decline in its price charts.
In fact, at the time of writing, WLD was trading at $2.18. This marked a 2.71% dip over the past 24 hours.
Prior to this, WLD was on an upward trajectory, hiking by 27.17% on daily charts. Also, the altcoin saw a 47.08% rise over the past month.
What next for Worldcoin
While Worldcoin has faced multiple challenges, these new developments would help the token attract more users.
The current market conditions could set the altcoin for further gains on price charts.
Source: Santiment
For example, Worldcoin’s price DAA Divergence has remained positive over the past week, highlighting that the recent rally is supported by a growing user base.
The metric implied that WLD’s network activity is improving, setting the ground for price appreciation.
Source: Santiment
This phenomenon is further supported by the growing active addresses. Over the past week, active addresses have increased from 1759 to 2374 making a 34.96% on weekly charts. This suggests that fundamentals are growing amidst increased participation.
Source: Coinglass
Finally, Worldcoin’s Long/Short Ratio was 1.0321, at press time, meaning, long-position holders dominated the market. Such a market scenario implies that longs are confident with altcoin’s future value.
Therefore, despite the recent decline, the WLD rally is not over. The witnessed dip is a market correction before it attempts another uptrend.
If this sentiment holds, WLD will attempt a breakout above $3.2.
Take a Survey: Chance to Win $500 USDT
Next: Spot Bitcoin ETFs break $20 billion in inflows as BTC aims ATH
Source
