Worldcoin’s WLD Token Plummets 10% After Sam Altman’s Departure from OpenAI
In the wake of Sam Altman’s departure from OpenAI, the repercussions have reverberated far beyond the realm of artificial intelligence. The iris-scanning biometric project, Worldcoin, a brainchild of Altman, faced a tumultuous plunge as the news of his exit sent shockwaves through the cryptocurrency market.
i loved my time at openai. it was transformative for me personally, and hopefully the world a little bit. most of all i loved working with such talented people.
will have more to say about what’s next later.
— Sam Altman (@sama) November 17, 2023
Reports from CoinGecko indicated a staggering drop of over 10% in the WLD token associated with Worldcoin, immediately following Altman’s announcement of departure from OpenAI. Altman, who co-founded Worldcoin alongside Max Novendstern and Alex Blania in 2019, faced ousting from his position as CEO of OpenAI due to a review by the board. The board cited a significant lack of transparent communication, affecting their responsibilities and ultimately eroding confidence in Altman’s leadership.
This drastic turn of events was quickly reflected in the WLD token’s market value, which plummeted to $1.96 per token as of 4:30 p.m. ET on Friday, marking a substantial 42% drop from its all-time high of $3.30 during Worldcoin’s emergence from beta back in July.
The immediate fallout was encapsulated in the speed of market reactions, with the price figure updating twice during the drafting of this report, signifying the volatile nature of the situation. However, it’s noteworthy that while Worldcoin faced a significant downturn, the broader AI coins and token category, as measured by CoinGecko, experienced a contrasting 30% growth, reaching a market cap of $5.4 billion within the past 24 hours.
Worldcoin’s iris-scanning biometric technology, despite facing criticism from privacy advocates, gained traction with its launch out of beta in July 2023. The project, developed by Tools for Humanity with backing from venture capital firm Andreessen Horowitz, boasts an Ethereum-based token, WLD. Although unavailable in the U.S., Worldcoin’s presence is notably marked in select states, including New York, San Francisco, and Atlanta, where the iris-scanning orbs have been installed.
Amidst the fallout surrounding Altman’s departure, the broader AI coin market seemed resilient, indicating that the implications of Altman’s exit primarily impacted Worldcoin rather than significantly affecting the overall AI cryptocurrency sector.
The sudden decline in WLD token value and the turmoil surrounding Altman’s exit underscore the intricate interplay between leadership, market sentiment, and the volatile nature of cryptocurrency markets, leaving investors and stakeholders bracing for continued turbulence within the Worldcoin ecosystem.
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