The Worldcoin ($WLD) price continues its topsy-turvy trajectory as the Sam Altman vs OpenAI saga continues. After hitting a new local high of $2.65 on Monday, $WLD has plunged 13% back to the $2.30 mark, with a market capitalization of $265 million.
The token is now down 4.5% from today’s opening price – however, it is still 50% in the green over the past month, largely due to the broader crypto market rally. Worldcoin’s daily trading volume is still up by 44%, which could signal more volatility in the coming hours.
Worldcoin’s latest bearish price action could be attributed to profit-taking sell-offs by the whales. However, it could also reflect the uncertainty regarding the project, especially after Sam Altman’s departure from OpenAI.
How The Sam Altman and OpenAI Saga Is Affecting The Worldcoin Price?
$WLD’s price action is just as roller coaster as the ongoing drama involving ChatGPT’s parent company OpenAI and its former CEO Sam Altman. Altman, along with co-founder Greg Brockman, was fired by the OpenAI board on Saturday, reportedly for not being open and honest with the board.
After the shocking news, the Worldcoin price plummeted 12%, below the crucial $2 level. Altman is also the founder of Worldcoin project, which aims to give everyone access to the global economy while also solving Web3’s authentication problem.
However, fresh developments revealed that there were talks between the OpenAI board and Sam to reinstate him as the CEO, likely due to backlash from the employees and the public. Microsoft CEO Satya Nadella was also rumored to have been pressuring the board to bring Altman back.
However, the negotiations fell apart once again and Emmett Shear – the former CEO of live-streaming platform Twitch – was named as his replacement. Shear has previously been critical of the fast-pace innovation in the AI space due to safety risks, stating that the speed of development needed to go from a 10 to a 1 or 2.
On the other hand, Microsoft CEO Nadella revealed that Altman will join Microsoft where, along with Greg Brockman, will lead an advanced AI research team.
After the announcement, the Worldcoin price surged to $2.65. However, whales have since started to sell their holdings, leading to a strong correction. Lookonchain data reveals that a whale sold $2.66 million worth of $WLD tokens – the last time the whale sold this data, the price of Worldcoin fell 25%.
The market maker GSR also deposited $4.47 million worth of tokens to various exchanges.
Will Worldcoin Price Recover?
Worldcoin investors would be hoping for some stability from the token – however, this scenario appears unlikely as rumors are circulating that Altman could rejoin OpenAI as the CEO after 75% of the employees have signed a petition to the board.
While unexpected, this outcome could spark a recovery in the Worldcoin price. The bulls would first hope to flip the $2.55 crucial resistance into support, which could result in a strong continuation. Breaching the 30-hour Simple Moving Average at $2.40 mark will also help.
The token will also receive a strong boost from the broader crypto market, considering that experts are confident that Bitcoin will soon hit the $40k price mark, followed by an altcoin rally. Investors would hope that Worldcoin breaches the $3.30 mark to create a new all-time high before the end of the year.
Could This AI-Backed Meme Coin Surge Instead? Meme Kombat ICO Nears $2M
While Worldcoin continues to tread in murky waters, investors are backing a new meme token – Meme Kombat – to display an explosive bull rally after its launch.
$MK is currently in its presale phase, in which it has raised close to $2 million in just over a month. This signifies robust demand for the meme coin, owing to its play-to-earn and gambleFi utility.
The Meme Kombat platform will serve as a virtual battle arena, facilitating a combat between top meme coins. 11 fictional characters – such as Shiba, Pepe, Doge, Floki, Sponge, etc. – will engage in AI-simulated battles, the outcome of which will be decided on-chain using AI-based random sequencing.
The platform will allow players to bet on their favorite champion in diverse gaming modes such as player vs player, player vs game and direct betting. To balance the risks, investors can also stake their tokens and start to accrue passive income right from the presale, currently at an APY of 526%. They can then specifically allocate a portion of their staked holdings towards betting, in accordance with their risk appetite.
Despite Meme Kombat’s unique value proposition, its most impressive feature is its commitment to transparency. In order to quell any fear of a scam or rug pull, the identity of all key members behind the team has been revealed, which fosters trust in investors.
Consequently, experts are bullish on $MK’s price potential, with popular trader Jacob Bury predicting a 10x bull rally after launch.
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- Source: https://coinpedia.org/press-release/worldcoin-price-tanks-amid-sam-altman-controversy-new-altcoin-is-being-backed/
