Worldcoin Loses 44% of its Value a Month After Launch

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The token of Worldcoin project, WLD, has seen a considerable dip of 43.6% in the 30 days respectively.

CoinGecko has reported that WLD is currently being traded at around $1.33, which is a significant reduction from the month-ago price of $2.36.

Jeff May, COO of BTSE cryptocurrency exchange, has commented that the current situation could be a result of the obstacles set by the regulators.

As the project is not compliant with the requirements, US citizens have been barred from trading and hence, there is selling pressure from other countries as well.

May further stated that while the market dynamics are influencing the WLD price as well, the project should hurry in meeting the regulatory requirements to restore the quotations.

It must be noted that Worldcoin was officially launched on July 24, with its main product, World ID, based on zero-knowledge proofs.

This technological innovative helps users in identification with the help of a retinal scan or phone number.

Although the technology has been lauded, the project has had to face several allegations related to data collection and storage methods, which have caused the project to be suspended in Kenya. Moreover, inspectors from Great Britain,