Worldcoin Leaps Ahead, Igniting Rally Amidst Bitcoin Slump
Worldcoin has seen a significant surge in value over the past week, rising by roughly 61% since last month. The token's price increased by over 7% on Saturday alone, outperforming Bitcoin which fell below $85,000. This rally comes as the total value locked on World Chain, the layer-2 network run by the same project, climbed 12.28% over 24 hours to $45.12 million.
The move is not surprising given the recent news surrounding Tools for Humanity and OpenAI, with which it has a close relationship through its chairman Sam Altman. This connection likely contributed to Worldcoin's AI-adjacent token status and the resulting sentiment around the sector.
A significant portion of the damage from liquidations fell on short positions, which are bets that a price will fall. Over $1.14 million was wiped out in just one hour, with most of it coming from shorts.