A digital token named WLD, introduced by Worldcoin just a month ago, has experienced a significant decline in value. Over the past 30 days, the worth of WLD has fallen by nearly 44%, including a recent 9% drop in a single day, according to CoinGecko.
Presently, each WLD token holds a value of about $1.33, compared to its initial value of $2.36 a month ago. This drop in value is primarily attributed to concerns surrounding Worldcoin’s handling of user data privacy.
The project proposed using iris scans to verify online identities, but this idea raised alarms about the potential misuse of personal information. Consequently, the Kenyan government suspended Worldcoin after a high number of sign-ups to investigate and clarify the risks to the general public.
Similar apprehensions were raised in Bavaria, Germany, regarding the project’s treatment of sensitive data. These privacy and government-related issues are causing anxiety among investors, leading to the token’s declining value.
Moreover, the overall performance of the cryptocurrency market also influences its trajectory. To improve the situation, the project must address these privacy concerns and adhere to regulatory guidelines set by authorities.
Also Read: Worldcoin Introduces Token Reservation for Unverified Users
