Worldcoin (WLD) price has experienced a significant surge, hitting a five-month high of $3.06 before settling at its current price of $2.87, reflecting a 10.6% increase from the previous day.
This surge comes in the wake of the announcement that the company is rolling out its World ID Passport Credential pilot in select countries, bringing with it a wave of optimism among investors and analysts alike.
On-chain metrics signal bullish WLD sentiment
The surge has been accompanied by a significant increase in open interest, with the futures market seeing an all-time high (ATH) of $433.9 million.
Whale activity has also seen a noticeable rise, with large transactions up 55.56% in the past 24 hours.
These metrics suggest a strong demand for WLD, reinforcing the idea that the token could continue its upward trajectory.
Analysts are bullish on WLD’s potential for further growth, with some predicting that the token could reach $12 in the coming months, supported by bullish technical patterns, including an ascending triangle and a cup-and-handle formation.
These technical indicators, combined with the expanding World ID utility, suggest that WLD is poised for sustained growth, especially as investor interest continues to grow.
As of now, Worldcoin remains approximately 75.7% below its all-time high (ATH) of $11.82, indicating considerable room for further gains if the current momentum holds.
The World ID Passport Credential
The World ID Passport Credential, unveiled on November 28, 2024, promises to revolutionize identity verification for millions of people worldwide.
The World ID Passport Credential is currently being piloted in Chile, Colombia, Malaysia, and South Korea.
It allows users in these countries to link NFC-enabled passports to their World ID, thereby enabling them to claim WLD tokens without the traditional in-person iris scan via the World ID Orb.
The Passport Credential adds a layer of anonymity and security to the process, as all information is securely stored on the user’s device and remains private from third parties.
For those who have verified their World ID or Passport Credential, the system also enables the claim of additional WLD tokens.
The increased accessibility to WLD tokens is seen as a major driver behind the recent price movement, as more people can now participate in Worldcoin’s growing network and claim tokens, expanding its user base.
The launch of the World ID Passport Credential marks a pivotal moment in Worldcoin’s evolution, potentially setting the stage for future rallies and widespread adoption.
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