OpenAI CEO Sam Altman's brainchild, Worldcoin, is leading an AI-powered rally across the broader stock market.
OpenAI CEO Sam Altman's brainchild, Worldcoin, is leading an AI-powered rally across the broader stock market. This week, Worldcoin's WLD token skyrocketed by 21%, reaching an all-time high of $8.96, and marking a staggering 300% gain in February alone.
At its core, Worldcoin aims to become a universal digital ID platform, using iris scans for verification and aspiring to grant everyone on the planet the ability to "prove their humanity." This objective, however, has raised privacy concerns due to the reliance on iris-scanning devices.
Despite the controversy, the Worldcoin project has gained traction, especially among young people and citizens in developing countries where the offered payment for registering identities translates to significant secondary income. This is evident in the surge of users to the World App, the project's first wallet, which surpassed 1 million daily users this week.
The excitement extends beyond Worldcoin, engulfing the broader AI token market. Notable projects like The Graph, Ocean, and Render Protocol have all witnessed over 50% gains in the last seven days. SingularityNET, another AI-focused token, has doubled in value.
This AI fervor has spilled over to the stock market, already buoyed by Nvidia's recent record earnings announcement. Nvidia's stock price has since climbed 16%, adding to its near 30% February increase and reaching an all-time high of $785. Tech giants like AMD, Microsoft, and Meta haven't been left behind, experiencing significant gains and flirting with their own all-time highs.
The renewed interest in AI is a major driving force behind the S&P 500's recovery since last year, with technology companies taking center stage in analyst discussions. Google Trends data further cements this fascination, revealing a surge in searches related to AI and its potential impact on both the cryptocurrency market and the broader financial landscape.
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