Worldcoin’s newly launched WLD token has already taken a beating as investors dig deeper into its token model. The project has also attracted an avalanche of criticism over privacy issues, among other things.
Worldcoin has been in operation for less than 24 hours and has already created a spiral of negativity in the crypto community. Moreover, its WLD token has been dumped by 40% due to the project’s questionable tokens.
Worldcoin Tokenomics is under the spotlight
The much-interested Worldcoin project launched on July 24th. It uses hardware and iris scanning technology to verify identities and rewards participants with its original token.
As BeInCrypto reported shortly after launch, it was under fire for its privacy concerns and “Orwellian” approach to verifying identities.
The project is now under fire because of its token model, which sees the majority of its 10 billion WLD tokens unlocked over the next 15 years.
According to Token Unlocks, three-quarters of the supply will be to the community. This is much better than some DeFi protocols, which dedicate most of their tokens to VC investors and insiders. However, his definition of the term ‘society’ includes governance and is very vague.
In addition, approximately 10% of the supply is allocated to early investors such as a16z, who led the ICO.
Moreover, major projects with regular token unlocks have seen a lot of selling pressure on their tokens.
Furthermore, Senior Analyst Dylan LeClair male Similarities between its token distribution model and that of other platforms:
“Worldcoin takes a page out of the SBF Solana eco guide, launching and pumping a microcoin with 1% of total supply in circulation. $22.8 billion fully diluted market cap. I burst out laughing.”
The quip continued, “That Ponzi’s still on the ground floor,” he said, before adding, “ignore the venture capital ready to dump you (again). This time it’s actually different.”
Opinions and dump prices for WLD
Founder of the security agency SlowMist He said that if Worldcoin succeeds, it will be an “evil product”. He added that it is possible for hackers to draw a profile picture through the hash information.
Dr. Geoff Ross, Founder and CEO of Vailshire Capital Management vote He asks if Worldcoin “will be the largest cryptocurrency withdrawal yet?” Nearly 63% of the 962 people who voted at press time agreed.
Less than 24 hours after the launch, you can already see the initial pumping and dumping of Worldcoin tokens.
WLD jumped to a peak of $3.30 two hours after its launch. However, the token has fallen 41.3% since then in a crash to $1.97 at the time of writing, according to Queen Gekko.
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