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As of August 11, 2023, approximately 468,466 unique digital wallets were reported to be holding Worldcoin (WLD), a cryptocurrency featuring iris-scanning technology. This number has since swelled by more than a quarter, increasing to 591,633 unique wallets as of recent data. Contrary to this expansion in ownership, Worldcoin’s value has sharply declined, losing over 35% of its value against the U.S. dollar in the last 30 days. Presently, the digital asset is trading at a price that is 62% below its highest recorded value.

Overwhelming Majority of WLD Supply Concentrated in Elite Wallets

Conceived by OpenAI CEO Sam Altman, Worldcoin was introduced on centralized cryptocurrency exchanges towards the end of July 2023. The project is designed to authenticate user identities through iris scanning, while also addressing financial inequality and providing online identity verification through its World ID feature.

Upon its market entry on July 24, the price of WLD reached an all-time high of $3.30 per token. Since then, the price has dramatically fallen and is now oscillating between $1.20 and $1.38. The digital asset reached its all-time low of $1.02 per token on September 5. While the number of WLD wallets has risen by 26% since August 11, totaling 591,633 unique addresses as of September 7, this growth rate has substantially tapered off.

Between July 24 and August 18, there was a rapid increase in the number of new wallets. However, growth has notably slackened since then, with wallet numbers only rising slightly more than 11% during this period. This deceleration implies that Worldcoin’s initial explosive adoption rate has moderated to a more gradual uptick. Despite nearly 600,000 WLD wallets in existence, the 100 largest wallets account for an overwhelming 93.82% of the total supply of 176.89 million WLD tokens.

The 100 wallets that hold the lion’s share of Worldcoin possess 165.96 million tokens. The development team operates the Worldcoin contract address, which itself holds 95.87 million WLD or 54.2% of the total supply. Worldcoin’s second largest wallet contains 30.98 million tokens, representing 17.51% of the total supply. Binance, the cryptocurrency exchange with the highest trade volume, holds the third largest stash, comprising 12.05 million WLD or 6.81%.

Significant holders also include market maker Wintermute, as well as other cryptocurrency exchanges like Bithumb, Okx, and Gate.io. Despite Worldcoin’s proclaimed objective to further financial equality, the concentration of WLD ownership remains exceptionally centralized. To genuinely foster financial inclusion as initially planned, the distribution of ownership needs to shift from primarily founders, exchanges, and market makers to a broader user base.

We invite readers to share their perspectives on Worldcoin’s project and the concerns surrounding its centralization and distribution metrics, particularly given the disproportionate holdings of elite wallets, in the comment section below.

Frequently Asked Questions (FAQs) about Worldcoin Centralization

What is the main focus of the article?

The main focus of the article is to examine the high degree of centralization in Worldcoin’s ownership, where just 100 wallets control over 93% of the total WLD supply. The article also discusses the impact of this centralization on Worldcoin’s mission to advance financial inclusion.

Who conceived the Worldcoin project?

The Worldcoin project was conceived by Sam Altman, the CEO of OpenAI. The cryptocurrency aims to authenticate users’ identities through iris scanning and also addresses issues of financial inequality.

How has the number of Worldcoin wallets changed since August 11, 2023?

Since August 11, 2023, the number of unique digital wallets holding Worldcoin has increased by over 26%, from 468,466 to 591,633 as of the most recent data.

How has Worldcoin’s value performed recently?

Worldcoin’s value has declined sharply in the past 30 days, losing over 35% of its value against the U.S. dollar. As of now, it is trading at a price 62% below its all-time high.

Who are the major holders of Worldcoin?

The major holders of Worldcoin are predominantly concentrated among a few entities. The Worldcoin contract address operated by the development team holds 54.2% of the total supply, followed by Worldcoin’s second-largest wallet at 17.51%, and Binance at 6.81%.

What is the significance of the slowed growth in the number of Worldcoin wallets?

The slowed growth in the number of Worldcoin wallets suggests that the initial rapid adoption has moderated to a more gradual rate of increase. This may imply challenges for the cryptocurrency in achieving broader, more decentralized ownership.

Does the current state of Worldcoin ownership align with its mission to promote financial equality?

No, the current state of Worldcoin ownership does not align with its mission to promote financial equality. Despite its aim to advance financial inclusion, WLD ownership remains notably centralized among a few elite wallets.

What exchanges and market makers hold significant amounts of Worldcoin?

In addition to Binance, other significant holders of Worldcoin include market maker Wintermute, as well as cryptocurrency exchanges such as Bithumb, Okx, and Gate.io.

What were Worldcoin’s highest and lowest prices?

Worldcoin’s highest price was $3.30 per token on its debut on July 24, 2023. Its lowest price reached an all-time low of $1.02 per token on September 5, 2023.

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4 comments

FinanceWizard1 September 9, 2023 - 12:45 am

Sam Altman’s vision was, like, super ambitious, but looks like the rich wallets got richer. Not great for equality.

Reply
InvestorInsight September 9, 2023 - 5:30 am

Slow wallet growth makes me wonder if it’s losing steam. Could it bounce back, though?

Reply
CryptoEnthusiast2023 September 9, 2023 - 10:53 am

woah, 93% owned by just 100 wallets? Crazy stuff! but, it’s like, what’s the deal with worldcoin’s value tanking so hard?!

Reply
CryptoNoob24 September 9, 2023 - 11:25 am

So, worldcoin’s not doing so hot right now, huh? Wonder if it can make a comeback.

Reply

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