The Worldcoin token, WLD, has increased in value by 191% over the past seven days, and as of February 20, 2024, it is trading for $6.8.

It has continued its meteoric rise, rising by an incredible 243% in just the last week. WLD’s market capitalization is currently well over $991 million, according to CoinGecko.

Worlcoin Marketcap has Soared over the Last 7 days

A blockchain-based digital identity startup called Worldcoin uses real orbs to scan people’s retinas and confirm each person’s identity.

WorldCoin became well-known in Kenya when hundreds of people flocked to certain locations to sign up for the program by using WorldCoin’s Orb device to scan their iris and receive 25 $WLD tokens, which are now nearly quadrupled from the original KES 7,700 ($54.60) that they were worth at the time.

As a result, the company’s operations in Kenya would be suspended in August 2023. A parliamentary committee that looked into the company’s operations in the nation discovered various violations and discrepancies pertaining to data collection and the company’s authorization to operate there.

WorldCoin’s rise coincides with the release of Sora, OpenAI’s newest AI product that has been dubbed the “Hollywood Killer” for its minute-long videos that are incredibly hard to tell apart from artificial intelligence.

A few investors are making predictions about the possible benefits of combining AI and cryptocurrency. By enabling the decentralization and open-sourcing of AI models, the distributed ledger of blockchain technology can reduce the risk of power concentration within a single entity.

Content metadata stored on the blockchain can also be used to confirm the source of images, which is useful in an era where it’s getting harder to distinguish between authentic and fake content thanks to innovations like Sora.

Alongside Sora’s release, other AI-related cryptocurrency tokens have seen significant increases in value.

• Bittensor (TAO) has seen a 15% in the last 7 days, with its price reaching $637.68, while
• Fetch.ai has jumped to $41.6, in the same period

Although it’s still unclear if these price increases are a direct result of Sora’s release or are a result of the overall surge in the cryptocurrency market, they do indicate that investors are becoming more interested in AI-related projects.