- WLD outperformed all other tokens in the top 100.
- Rising volume and developments on the network indicated a possible rise to $8.
The price of Worldcoin [WLD] up 20.61% in the past 24 hours, according to data from CoinMarketCap. The price increase could be related to that of Bitcoin [BTC] increase to $64,000.
Previously, Bitcoin had fallen to $58,000. By doing this, the coin dragged down other altcoins – including WLD. However, there was more to Worldcoin’s surge than just the broader market recovery.
Trading volume supports the price action
Based on AMBCrypto’s analysis, volume around the token increased by 111% within the mentioned period of price increase. Volume is a sign of interest.
Hence the massive increase in metric implied that the broader market was involved in trading the token.
Because the price also rose, this meant that more was bought than sold. At the time of writing, WLD’s price was $6.37. If we follow this trend, rising volume could support a further rebound for Worldcoin.
Source: Santiment
If this is the case, the value of the token could reach the $7 region again. However, if volume decreases, the uptrend may become weak and WLD may slowly return from the highs.
However, the increasing interest in the token did not come without external influence, as AMBCrypto was able to identify it.
A few weeks ago, the Worldcoin team revealed that it would be launching a layer 2 on Ethereum [ETH].
Additionally, another development stated that OpenAI, also led by Worldcoin founder Sam Altman, was in talks for a partnership.
Everything works together for a sustainable rally
With these updates, the buzz around AI-themed tokens increased, eventually leading to a price increase. Interestingly enough, it seemed like the project was already making efforts to launch layer 2 later this summer.
Evidence of this was seen in development activity, which rose to 0.54 before falling slightly to 0.50. This metric tracks the unique accounts that contribute to a project’s public GitHub repository.
Therefore, the increase suggested that Worldcoin could soon start offering new features on its network. In terms of active addresses, data in the chain showed that the number increased to 259,000.
This increase implied that active interaction with WLD has improved compared to recent lows. However, the statistic was nowhere near the number on May 3, when the statistic was above 600,000.
Source: Santiment
If activity on the network maintains the rise, the price of the Worldcoin token may continue its rally. Putting it into perspective, the cryptocurrency’s short-term target could be $7.25.
Realistic or not, here is WLD’s market cap in BTC terms
However, traders should keep an eye on Bitcoin before betting on this prediction. Should the price of BTC fall, WLD could also follow suit.
But a rise towards $68,000 for Bitcoin could validate Worldcoin’s potential rise towards $8.