- The WLD price fell after the AI company ousted ChatGPT’s co-founder.
- Activity on the Worldcoin network also decreased, indicating unrest among holders.
The price of Worldcoin [WLD] fell 12.64% in the last two hours, as news of Sam Altman’s sack spread like wildfire.
Altman was the co-founder and CEO of OpenAI. OpenAI is the company responsible for creating the popular artificial intelligence (AI) tool, ChatGPT. He is also the co-founder of the cryptocurrency project Worldcoin.
Before the development went public, WLD exchanged hands at $2.13.
But after the revelation, the token fell sharply and was trading at $0.1.87 at the time of writing. Altmans’ resignation came as a shock to both the crypto and AI communities.
No face, no problem, says OpenAI
Since ChatGPT became popular earlier this year, Altman, despite being CEO, has been the face of the OpenAI team. But AMBCrypto looked at the pushout.
According to the information we received, Altman was ousted because the company’s board of directors gave him a vote of no confidence.
The OpenAI board also has one rack with regard to development. According to the communiqué, the decision to fire Altman was as follows:
“Mr. Altman’s departure follows a thoughtful review process by the Board, which concluded that he was not consistently forthright in his communications with the Board, which hampered the Board’s ability to discharge its responsibilities. The Board has no longer confident in his ability to continue leading OpenAI”
When the Worldcoin price fell, a bottom was reached analysis of volume in the past 24 hours showed the metric increasing. AMBCrypto discovered via on-chain data from Santiment that WLD’s volume had increased to 201.53 million.
Source: Santiment
WLD must suffer before any delay
A falling price with rising volume can be a sign of waning momentum. So it is likely that the WLD price drop will last a little longer.
However, if the trend continues, a potential turnaround could be on the table. Therefore, after the heat surrounding the Altman news cools, there is a chance that WLD will bounce back from the bottom.
If this happens, Worldcoin may be able to do this reclaim $2. Another metric to consider is active addresses.
At the time of writing, the one-hour active addresses on the Worldcoin network fell dramatically into the negative region.
In the crypto economy, it is unusual for the metric to become negative. However, the drop mentioned above is a confirmation that users are refraining from transacting on the Worldcoin network.
The decrease could also be a sign that market participants have lost confidence in the project.
But given the current circumstances, this may only be short-lived. As with the active addresses, development activity also decreased.
Source: Santiment
The drop in development activity, along with active addresses, is a bearish signal. So, as mentioned earlier, the value of WLD can continue to decline until the sellers are exhausted to trigger a reversal.
The OpenAI board has now been appointed Chief Technology Officer (CTO) Mira Murati as interim CEO.
Is your portfolio green? Check the Worldcoin profit calculator
The company also asked co-founder Greg Brockman to step down as president. They also asked him to remain part of the board. But in a post on X (formerly Twitter), Brockman said he had rejected the offer.
After hearing today’s news, this is the message I sent to the OpenAI team: https://t.co/NMnG16yFmm pic.twitter.com/8x39P0ejOM
— Greg Brockman (@gdb) November 18, 2023