At $10, $WLD will have made you a 4.3x in your investment. That will also give $WLD a market cap of $1.17 billion if current supply stays the same.
That's a market cap way below that of APTOS or ARB. But is this realistic?
Let's do some analysis.
Brief Overview Of World Coin
Founded by the CEO of Open AI (ChatGPT), World Coin was created with the primary goal of helping humans verify their identities. Why? According to them, this will help differentiate humans from AI.
A physical device is used to scan the iris of individuals. In return, they will receive an allocation of WLD airdrop.
The method employed in getting people on the platform as well as the overall idea itself have been met with mixed reactions. But that's not what this article is about.
What you are here for is to know if $WLD will get to $10, right? Let's go straight to that point.
The World Coin (WLD Tokenomics)
The platform is powered by $WLD token, it's governance token. Users earn the token by verifying their identity.
Total supply: 10 billion
Circulating supply: 118.2 million
Market Cap: $256.28 million
Fully diluted valuation: $25.6 billion
As you can see above, WLD has just 1.1% of the total token supply in circulation. Of these tokens, only 18.2 million belong to holders who got the airdrop, while 100 million were loaned out to market makers for a 3-month period.
This is a low-float, high-FDV token. A throwback to the early SBF days. Does that mean WLD will pump anytime soon?
What co-founder of World Coin, Alex Brania, Said gives us clue
"We Don't Want The Price To Spike To $10, And Then Crash Down"
So, I'm just going to type what he said here word for word and leave you to your own conclusions. This is an excerpt from Alex Blania's interview with Coindesk.
What the foundation (World Coin Foundation) wanted to achieve here is essentially short-term liquidity. You don't want to see a spike in interest and the token price spike to like $10 or something and crash down again, and then we have a lot of unhappy people who lost money.
We've seen this with a lot of projects. The main idea the foundation came up with is like a sort of linear increase in token supply, effectively dampening the price movement within that range of $2-$3.
Alex Blania
Did he just say they want to keep WLD price within $2-3 range? 👀
Can World Coin $WLD Get To $10?
At first glance, I would say yes. At $1.2 billion market cap if supply stays same, that's already over $10. So, short term, it may get there. But I am of the opinion that it won't get to $10 for the following reasons:
More tokens are being added into circulation daily
The token and project already have a bad reputation
The co-founder literally said they want to keep price within a $2-3$ range
I may be wrong with my bias, though. If you have a different view or opinion, Do share them in the comment section below.
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