Worldcoin’s Controversial Debut in August Doesn’t Boost AI Token Trading

Crypto News- Worldcoin’s Controversial; the cryptocurrency market has experienced a tumultuous year thus far, marked by a series of significant macroeconomic events. Amidst this backdrop, the contentious introduction of Worldcoin has redirected investor attention toward AI-powered tokens. Nevertheless, recent trading data from Kaiko indicates that the AI tokens have remained resilient in the face of the controversial crypto’s launch.

Worldcoin (WLD) made its debut on July 24 of this year and quickly captured the attention of cryptocurrency enthusiasts. The primary driver behind the crypto’s buzz is its co-founder, Sam Altman, who also serves as the CEO of OpenAI.

Worldcoin’s Controversial Debut in August Doesn’t Boost AI Token Trading

As of the time of writing, the price of Worldcoin (WLD) has experienced a 1.49% drop over the last 24 hours, trading at $1.14.

Worldcoin’s primary mission revolves around the creation of a network exclusively composed of verified individuals, with automated bots being excluded. Headquartered in San Francisco, the company aims to issue ‘World IDs’ to people worldwide. Through this ‘global identity verification’ system, Worldcoin envisions a future where individuals can interact with websites without the need to divulge personal details such as names, phone numbers, or email addresses.

Nevertheless, regulators and privacy advocates worldwide have voiced substantial concerns regarding the project, citing what they perceive as a lack of transparency in the organization’s data collection methods.

The aggregation of vast quantities of personal data by a single entity raises significant apprehensions about data privacy.

While the launch of Worldcoin initially sparked excitement around AI tokens, August witnessed a subdued trading environment. Recent data from Kaiko reveals that the trading volume of AI-related tokens remained relatively stagnant throughout the past month.

The analysis indicates a modest increase in the trading volume of AI tokens in August, reaching approximately $870 million, up from $570 million at the end of July. However, when compared to the volume at the beginning of the year, this represents a significant decline.

Furthermore, Dessislava Ianeva, an analyst at Kaiko, noted a decline in enthusiasm for AI tokens since July, primarily attributed to a shift in global risk sentiment. The combined open interest for five prominent AI tokens—FET, GRT, RNDR, OCEAN, and ROSE— plummeted from $170 million in February to $60 million in August.