Worldcoin verification defies concerns; How about WLD?

  • WorldID verification doubled despite increasing scrutiny of the project.
  • The daily trading volume of WLD dropped and sentiment tilted negative.

Despite several controversies surrounding the project, Worldcoin [WLD] registered a 100% increase in ID verifications in the last seven days. According to the project’s official blog, the milestone occurred as a result of the additional rollout of Orbs.

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For context, the Orb is Worldcoin’s eye-scanning technology used to create a WorldID in exchange for the project’s WLD token. So, the surge in verification implied an increase in global demand for WLD.

Are users ignoring the concerns?

Beyond the increase in WorldID verification, Wordlcoin noted that there was a notable surge in the WorldApp usage and account creation on the platform. The project also mentioned that it took a whopping seven months to double verifications before this latest one saying that, 

“What’s noteworthy here is that the rate of World ID verifications had already doubled once in 2023. Between January and July, World ID sign-ups went from one million to two million in less than half the time it took to reach the first million.”

Unfortunately, the rise in adoption has not triggered a change in sentiment. Previously, the probe by countries including France, Kenya, and Germany reversed the positive aura around WLD.

According to Santiment, WLD’s weighted sentiment fell to its lowest since its launch. The weighted sentiment takes into account the unique social volume around a project by looking at the commentary around it.

The metric spikes when the vast majority of messages are positive. But when it decreases, it means that the perception around the project is mostly negative. 

Worldcoin development activity and weighted sentiment

Source: Santiment

Stuck in development and down in growth

Unlike the weighted sentiment, Worldcoin’s development activity increased. At press time, the development activity had climbed to 0.438. This means that developers piled more public GitHub repositories in connection to Worldcoin.

Contrary to the hikes in development activity and verification, on-chain data showed that traction has not been the same. At press time, Santiment data showed that Worldcoin’s network growth was down to 3135.

Network growth shows the number of new addresses being created on a network daily. When the metric rises, it indicates an increase in user adoption. 

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Conversely, when the metric decreases, it means the project is losing traction on-chain. As the data revealed, the latter was the case with WLD.

Besides the scarcity of new addresses, WLD’s daily trading volume on exchanges failed to reach the peak it was on 24 July. At press time, the trading volume was down to $63.67 million. This means that the token could be shifting towards more correction than a price increase.

Worldcoin trading volume and network growth

Source: Santiment

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