- Worldcoin was renamed ‘World’ and introduced Orb 2.0.
- Despite continued positive market sentiment, WLD fell 2.71% following the news.
At a recent event in San Francisco, Worldcoin [WLD] said 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 business beyond ownership of the WLD token to achieve identity verification in an AI-centric and driven future.
Additionally, founders Sam Altman and Alex Blania unveiled a next-generation verification tool, Orb 2.0.
The new version is an improved version of the project’s iris recognition technology. Featuring 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 personalized service.
These two developments are specifically aimed at increasing the use of WLD tokens and its ecosystem.
Impact on WLD price charts?
As expected, WLD responded immediately 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 represented a decline of 2.71% over the past 24 hours.
Previously, WLD was on an upward trend, up 27.17% on the daily charts. Furthermore, the altcoin saw an increase of 47.08% over the past month.
What next for Worldcoin?
Although Worldcoin has faced several challenges, these new developments would help the token attract more users.
Current market conditions could see the altcoin continue to rise on the price charts.
Source: Santiment
For example, Worldcoin’s DAA Divergence price 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, laying the groundwork 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, which represents a 34.96% increase in the weekly charts. This suggests that fundamentals are growing as participation increases.
Source: Coinglass
Finally, Worldcoin’s Long/Short ratio at the time of writing was 1.0321, meaning long position holders dominated the market. Such a market scenario implies that longs have confidence in the future value of altcoin.
Read Worldcoins [WLD] Price forecast 2024–2025
Therefore, despite the recent decline, the WLD rally is not over yet. The observed dip is a market correction before a new uptrend is attempted.
If this sentiment holds, WLD will look to break above $3.2.
Credit : ambcrypto.com
