The Sam Altman-backed global identity verification project Worldcoin has kept dropping in the past few days after an unexpected surge catalyzed by the inclusion of an image-generation feature for ChatGPT.
On March 25, OpenAI, the AI company headed by Altman, made the headlines after it rolled out a GPT-4o-powered image generation tool that was quickly embraced by users.
On that day, the price of WORLD surged by 9.4% and neared the $1 level for the first time in 20 days. Although Worldcoin has no direct relationship to OpenAI, Altman is the link that bonds the two companies together.
Worldcoin is a Web 3 project that works to create a global virtual identity for all of its users by scanning their iris to create a blockchain-based authentication method that is impossible to tamper with.
It has encountered significant opposition by regulators from all over the world who believe that it endangers the privacy of millions of people as it stores their biometric data without complying with legal stipulations.
Multiple countries have banned Worldcoin from their markets including Spain, Hong Kong, Brazil, and the Dominican Republic.
These regulatory challenges have contributed to the token’s price performance in recent months.
Worldcoin (WORLD) Risks Making Another All-Time Low
So far this year, WORLD has gone down by 63% as most altcoins have plummeted due to an unfavorable macroeconomic outlook.
If OpenAI ultimately embraces its solution to register and log in users as a first step, this could result in a spike in the demand for WORLD.
In the meantime, the charts don’t look too promising as the token quickly gave up these ChatGPT-related gains.
The daily chart shows that the uptick was rejected by market participants as soon as it touched the 50% Fibonacci retracement level.
What does this mean for investors? It raises the odds that WORLD could make a lower low soon.
Momentum indicators confirm a bearish outlook as the Relative Strength Index (RSI) is currently standing below the signal line while the MACD’s histogram shows steadily decreasing momentum readings.
It is worth noting that WORLD is just 10% away from its all-time low. Hence, a drop below the $0.70 level would result in another record low for the token.
As AI applications like ChatGPT continue to gain popularity and mainstream adoption accelerates, other AI-related cryptocurrencies have attracted investor attention, including blockchain-based crypto presales in this segment like MIND of Pepe (MIND).
MIND of Pepe Nears $8M Raised to Launch a Powerful AI Agent Token
MIND of Pepe (MIND) is combines the power of artificial intelligence and combines it with the popular Pepe the Frog meme to appeal to both investors and users within social media networks like X.
Its presale event has already raised $7.8 million less than three months after it kicked off despite the market’s recent turmoil.
This AI agent is designed to establish a robust audience of loyal followers by engaging in interesting conversations with high-profile accounts. From its interactions, MIND of Pepe will collect insights and social trends that it will share with token holders to help them handle today’s challenging conditions.
Once it has gained enough influence, it can launch its own meme coins and give $MIND holders privileged access to private sales so they can reap the highest returns.
The token can be purchased on the MIND of Pepe website by connecting a compatible wallet (e.g. Best Wallet) and exchanging USDT or ETH, or through debit or credit card transactions.
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