Summary
⚈ The top 10 wallets still control 77.62% of WLD’s total token supply.
⚈ Critics, including ZachXBT, have accused the project of manipulation and fraud.
Worldcoin (WLD)’s U.S. launch has kicked off with plenty of positive price action — but that doesn’t necessarily make Worldcoin a buy.
The digital-identity cryptocurrency associated with Sam Altman’s World project seeks to counteract the ramifications of artificial intelligence (AI) by providing a tamper-proof way of verifying one’s identity online, and launched in the U.S. on May 1.
WLD surged from $1.03 to $1.16, before mounting a retreat to $1.08 by press time on May 1, bringing returns on the daily chart to 4.31%. Within the last 7 days, Worldcoin has rallied by 19.78%.
Despite positive price action, the project remains controversial and fraught with legal issues, which could serve to dull bullish momentum going forward.
Worldcoin launch marred by continually high concentration
Moreover, the issue of concentration remains a hot topic. In August of 2023, just 10 wallets accounted for 98% of WLD’s total supply. Progress has been made on that front — but that’s not to say that the present state of affairs is satisfactory, either.
Per data retrieved by Finbold from market intelligence platform CoinCarp on May 1, the top 10 holders of Worldcoin still control 77.62% of the token’s total supply. To boot, none of the 10 largest wallets belong to exchanges, with Binance’s wallet, the largest of its kind, being the 15th largest address and accounting for just 0.58% of supply.
In addition, renowned cryptocurrency investigator ZachXBT has previously raised concerns regarding how the project’s team manipulates the token, and called it the “biggest scam token of the bull run” back in July.
Featured image via Shutterstock
