- WLD outperformed every other token in the top 100.
- Rising volume and developments on the network indicated a possible increase to $8.
The price of Worldcoin [WLD] rallied by 20.61% in the last 24 hours, according to data from CoinMarketCap. The price increase could be linked to Bitcoin’s [BTC] hike to $64,000.
Previously, Bitcoin had plunged to $58,000. In doing this, the coin dragged other altcoins down with it— WLD inclusive. However, there was more to Worldcoin’s surge beyond the broader market recovery.
Trading volume backs the price action
Based on AMBCrypto’s analysis, the volume around the token jumped by 111% within the said period the price increased. Volume is a sign of interest.
Hence, the massive rise in the metric implied that the broader market was involved in trading the token.
Since the price also increased, it meant that there was more buying than selling. At press time, WLD’s price was $6.37. Going by this trend, the rising volume could back a further upswing for Worldcoin.
Source: Santiment
If this is the case, the value of the token might revisit the $7 region. However, if the volume decreases, the uptrend might become weak, and WLD might slowly retrace from the highs.
However, the rising interest in the token did not come without external influence, as AMBCrypto was able to identify this.
Some weeks back, the Worldcoin team revealed that it would launch a layer-2 on Ethereum [ETH].
Besides that, another development explained that OpenAI, also led by Worldcoin’s founder Sam Altman, was in talks for a partnership.
Everything works together for a sustained rally
With these updates, the buzz around AI-themed tokens jumped, eventually leading to a price increase. Interestingly, it seemed that the project was already putting efforts to launch layer 2 later this summer.
Proof of this appeared in the development activity, which rose to 0.54 before a little decrease to 0.50. This metric tracks the unique accounts contributing to the public GitHub repository of a project.
Therefore, the increase suggested that Worldcoin might soon start shipping new features on its network. In terms of active addresses, on-chain data showed that the number increased to 259,000.
This increase implied that active interaction with WLD has improved when compared with the recent lows. However, the metric was nowhere close to the number on the 3rd of May, when the metric was over 600,000.
Source: Santiment
If activity on the network sustains the increase, then the price of the Worldcoin token might continue its rally. Putting it in perspective, the short-term target of the cryptocurrency might be $7.25.
Realistic or not, here’s WLD’s market cap in BTC terms
However, traders need to watch Bitcoin before betting on this prediction. Should the price of BTC slip, WLD might also follow.
But a rise in the $68,000 direction for Bitcoin might validate Worldcoin’s potential rise toward $8.