Worldcoin Targets $2 as it Launches on Solana

Recent developments that include OPENAI’s launch of o1, its latest product has triggered a bullish momentum for WorldCoin (WLD). The price of the cryptocurrency started rising after OPENAi announced the launch of o1. As a result, the coin has gained by 5.2% within the last 24 hours and by 5.3% during the previous week. At the time of writing, Worldcoin is trading at $1.50 WLD/USDT at Gate.io crypto exchange.  The following graph shows the coin’s price performance within the last 7 days.

As observed on the graph, the coin recovered from a low of $1.39 recorded on 16 September. Although WLD is in an uptrend it is facing stiff resistance at $1.51. If it breaks above that level its next strong resistance point will be at $1.57. However, the outcome of the U.S FOMC meeting will likely determine the coin’s next move. Currently, there is uncertainty as to the magnitude of the Federal Reserve’s interest rate cut. There is a general consensus, though, that the Fed will cut interest rates.

WorldCoin Integration with Solana 

That other good news that has strengthened WLD bullishness is about the integration of the coin with the Solana network. On 13 September Worldcoin shared with the world the prospect of the seamless integration of World ID with the Solana blockchain through cross-chain protocol from the Wormhole Foundation. The purpose of World ID, built on World Chain – a layer2 blockchain based on Ethereum- is to provide human verification service. That service will allow secure and authenticated logins to decentralized applications (DApps). World IDs have various functions in the digital space since they act as “global digital passports for the age of AI.” For example, they can be used for airdrop verifications. 

The World ID integration will enable developers who use the Solana blockchain to incorporate authentication into their DApps. That will also promote cross-chain compatibility with services on the Ethereum blockchain. Presently, Worldcoin has more than 6,630,191 million users. In addition, Solana may help World IDs to be used for micro-payments such as microtransactions in video games and pay-per-content.  Another benefit of the Worldcoin coming to Solana is that it will help reduce incidents of rug pulls and other exploits. That will likely boost the demand for WLD which may positively influence its price. Also, the integration with Solana will likely increase users’ trust of Worldcoin and its products. At the same time, this development may also positively influence SOL value which is currently trading at $138.29 SOL/USDT.

Earlier on the Worldcoin authentication service was only available on the Ethereum blockchain. Now that the identity verification process is available on Solana many people will be able to access it. This also strengthens its vision of enabling universal access to the global digital economy.

Reasons for Low Market Adoption: Legal Challenges

Worldcoin’s adoption rate was relatively low due to regulatory challenges it faced since its launch. Many countries have voiced concern over the collection of the data and its potential uses. Spain, Portugal and Kenya are examples of countries that temporarily banned Worldcoin. Nevertheless, in recent months some countries have allowed it to freely operate in their jurisdictions. For instance, Austria has become the second European country to allow Worldcoin to operate. The project has also increased its presence in Southeast Asia. For example, Malaysia has adopted World IDs as its official standard authentication service.

Is Worldcoin a Good Investment

Despite the regulatory concerns surrounding Worldcoin it may have a high demand in the future. First, Worldcoin aims to provide a basic universal income to all eligible global citizens. In fact, anyone of the right age and mental capability can claim his/her share of the token. One has to download the World App and scan his/her irises using it. By completing this process, one gets a share of the coin. This simply shows that the over 8 billion world citizens can become its users. As a result, its price may soar in the future.

Also, Worldcoin has a revolutionary use case, of cryptographically proving the personhood of individuals while protecting their identity. If this technology is widely accepted in the digital world the WLD coin may be widely accepted. Just by imagining that half of the global population uses its service its adoption rate will be very high.  

The current sentiment towards WLD shows that the coin has the potential to rise significantly over the next few years. For example, CoinCodex predicts that the WLD price will likely rise by 228.64% to reach $ 4.83 by October 17, 2024. It also forecasts WLD value to surpass $6 by December 2025. A popular crypto analyst, Cryptobullmaker, forecasts the WLD price to surge by between 80X and 120X within a year. 

To emphasize his conviction Cryptobullmaker used a graphical illustration of what is likely to happen. 

As the picture depicts the analyst believes that the WLD price may reach $205.7 within one year. Although this WLD price prediction may be overly optimistic it shows the investor sentiment towards the cryptocurrency.