Journalist
Posted:
- WLD reached a new high, rising 25% in 24 hours.
- The Worldcoin network has overheated, indicating a likely pullback of the token.
Things have turned around World currency [WLD] since reports emerged that OpenAI was considering a possible return for Sam Altman. As a result, WLD exchanged hands at $2.57 after its price rose 25.23%. But at the time of writing, the price had dropped slightly to $2.40.
However, the jump may not be surprising to AMBCrypto analysts. This is because, in the last article published, where Altman’s dismissal was mentioned, we predicted that WLD could bounce back from the bottom. But the intriguing thing is that it came a little earlier than expected.
The sentiment changes when OpenAI calls Sam
The discussion around Altman’s potential return was because OpenAI’s staff and investors were unhappy with the board’s initial decision. In a number of posts, many of these employees have shown public support for Altman.
For example, Altman, co-founder of Tools for Humanity (the company behind Worldcoin), admitted his love for the OpenAI team. In response, interim CEO Mira Murati commented on the post with reassurance.
🩵
— Mira Murati (@miramurati) November 19, 2023
Like the company’s staff, investors in the project, led by Microsoft, expressed outrage at the decision. In the intervening period, Worldcoin’s price wasn’t the only metric that was affected.
A look at Santiment’s on-chain data showed that the weighted sentiment, which was -1.77 on November 18, had risen to 1.055.
Source: Santiment
The jump in weighted sentiment implied that WLD holders have moved from doubt to confidence in the project. Another metric that was positively affected by the development was the active addresses.
As shown above, active addresses on the Worldcoin network increased by 22,000 between November 18 and 19. This increase in the number of active addresses was a confirmation of the growing interest in WLD. Also the positive sentiment could lead to greater price volatility.
So if the buying momentum for WLD continues to increase, the token has a tendency to surpass its All-Time High (ATH). But this may also depend on external factors, such as the outcome of the aforementioned reconsideration.
As I write this, the discussions seem to be moving in the right direction. Altman Posted a photo on his X page (formerly Twitter) showing him wearing the guest tag at OpenAI with the caption:
“First and last time I wear one of these.”
first and last time I wear one pic.twitter.com/u3iKwyWj0a
— Sam Altman (@sama) November 19, 2023
Take a look before you monkey around
In the comments on his page, the message was interpreted as confirmation of his return. Should the ex-CEO return, the effect on WLD could be greater than what he has done in the past 24 hours.
AMBCrypto also checked WLD’s Network Value to Transaction (NVT) Ratio. The NVT ratio answers one question: has a project’s market capitalization proven reasonable based on transaction activity?
Read World currencies [WLD] Price prediction 2023-2024
High values of the metric indicate that market capitalization has exceeded transaction volume. Periods like these are associated with market tops. Moreover, it acts as a bearish sign. The low values of the NVT ratio are associated with market bottoms, indicating a bullish network.
Source: Santiment
From the chart above, it appears that Worldcoin’s NVT ratio had risen to 301 at the time of writing. This meant that the network was a bit overheated. For now, it might be reasonable to overlook buying WLD for short-term gains.