The Worldcoin digital token, associated with Sam Altman’s World ID project, has experienced significant volatility following the recent upheaval in Altman‘s professional journey.
The token which rose to $2.48 a coin began a descent on Thursday amid broader digital-asset market fluctuations, intensifying after Altman’s dismissal from OpenAI.
Altman’s firing on Friday added to Worldcoin’s downward spiral, reaching a low of $1.84.
However, in the wake of efforts by a group of OpenAI executives and investors to reinstate Altman, the token staged a remarkable recovery, rallying 18% within 24 hours to reclaim the $2.40 level.
The current market value of Worldcoin stands at approximately $280 million, placing it 157th in the crypto market.
The token’s fluctuations are intricately tied to the unfolding drama surrounding Altman’s potential reinstatement as the CEO of OpenAI.
Richard Galvin, co-founder at Digital Asset Capital Management, noted that the token’s movements are closely linked to “Altman news flow and concerns over his ouster at OpenAI.”
Worldcoin, part of Tools for Humanity, a company co-founded by Altman, is unique for its blockchain-based system that uses an orb to scan individuals’ eyeballs, generating a distinct digital identity.
The associated World IDs, designed for an AI-enabled future, aim to establish personhood in a scenario where distinguishing between humans and machines becomes challenging.
Despite its recent price gyrations, Worldcoin’s underlying project raises privacy and ethics concerns.
As Altman’s fate at OpenAI hangs in the balance, the crypto community continues to closely monitor the developments, with Worldcoin at the center of attention.
