Worldcoin (WLD) U.S. Launch Sparks Positive Price Action — But That Doesn't Necessarily Make It a Buy

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 U.S. launch of Worldcoin (WLD) has begun with plenty of positive price action — but that doesn’t necessarily make Worldcoin a buy.

Worldcoin price analysis: WLD surges 4.31% despite legal woes

The digital-identity cryptocurrency associated with Sam Altman’s World project is seeking to counteract the ramifications of artificial intelligence (AI) by providing a tamper-proof way of verifying one’s identity online. The project launched in the U.S. on Monday, May 1.

WLD price surged from $1.03 to $1.16, before mounting a retreat to $1.08 by 07:05 GMT (4:05 ET) on Monday, May 1, according to data from cryptocurrency exchange FTX.

This brought returns on the daily chart to 4.31%. Within the last 7 days, Worldcoin has rallied by 19.78%.

The project remains controversial and fraught with legal issues, which could serve to dull bullish momentum going forward.

Worldcoin launch: Top 10 holders control 77.62% of total supply

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.

As per data retrieved by Finbold from market intelligence platform CoinCarp on Monday, 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.

Additionally, 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.