- WorldID verification doubled despite increasing attention to the project.
- WLD’s daily trading volume declined and sentiment turned negative.
Despite several controversies surrounding the project, World currency [WLD] recorded a 100% increase in ID verifications in the past seven days. According to the project’s official blog, the milestone occurred as a result of the additional rollout of Orbs.
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For context, the Orb is Worldcoin’s eye-scanning technology used to create a WorldID in exchange for the project’s WLD token. Thus, the increase in verification implied an increase in global demand for WLD.
Are users ignoring the concerns?
Beyond the proliferation of WorldID verification, Wordlcoin noted that there was a notable increase in WorldApp usage and account creation on the platform. The project also mentioned that it took a whopping seven months to double checks before the latter said that,
“What is striking here is that the number of World ID verifications had already doubled once in 2023. Between January and July, World ID enrollments went from one million to two million in less than half the time it took to reach the first million. ”
Unfortunately, the rise in adoption has not led to a change in sentiment. Formerly the question by countries such as France, Kenyaand Germany reversed the positive aura around WLD.
According to Santiment, WLD’s weighted sentiment fell to its lowest point since launch. The weighted sentiment takes into account the unique social volume around a project by looking at the commentary around it.
The statistic peaks when the vast majority of posts are positive. But if it decreases, it means that the perception around the project is mostly negative.
Source: Sentiment
Steady in development and steady in growth
Contrary to weighted sentiment, Worldcoin development activity increased. At the time of writing, development activity had risen to 0.438. This means that developers have piled up more public GitHub repositories associated with Worldcoin.
In contrast to the increases in development activity and verification, on the chain data showed that traction has not been the same. At the time of writing, Santiment data showed that Worldcoin’s network growth had dropped to 3135.
Network Growth shows the number of new addresses created on a network each day. When the stat goes up, it indicates an increase in user adoption.
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Conversely, when the metric decreases, it means the project is lose traction on the chain. As the data showed, the latter was the case with WLD.
In addition to the scarcity of new addresses, WLD’s daily trading volume on exchanges failed to reach its July 24 peak. At the time of writing, the trading volume had dropped to $63.67 million. This means that the token could shift towards more correction than price increase.
Source: Sentiment