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Altcoins
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July 27, 2023

Ethereum-Based Altcoin That’s Up Over 37% This Week Facing Massive FUD Just Days After Launch: Santiment

By Daily Hodl Staff

Blockchain analytics platform Santiment says that one newly-launched red-hot Ethereum (ETH)-based crypto project is facing a bunch of criticism.

Santiment says Worldcoin (WLD) has generated a lot of buzz on social media platforms shortly after its launch.

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Unfortunately, most of the conversation has been negative, with users calling it a “scam” and raising concerns about privacy. According to Santiment, the negative response to Worldcoin is emblematic of a current fear, uncertainty and doubt (FUD) about crypto projects in general.

“Worldcoin is atop the trending subjects on Twitter, Reddit, Discord, Telegram, and 4chan following the launch of [Sam Altman’s] new asset. WLD is seeing negativity thus far, which is a reflection of the crowd’s FUD (fear, uncertainty and doubt) toward crypto in general, currently.”

Source: Santiment/Twitter

Worldcoin is a new digital identity blockchain project co-founded by Sam Altman of OpenAI that uses iris scans with physical hardware called “Orbs” to create unique digital identities.

Ahead of Worldcoin’s launch, the project migrated to Ethereum’s layer-2 blockchain Optimism (OP).

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Worldcoin is trading for $2.27 at time of writing, a 37% increase from its all-time low on July 24th of $1.66.

Santiment also notices that Bitcoin (BTC) is continuing to move off of exchanges, despite a recent price dip below the $30,000 level, which indicates holders are not rushing to sell due to FUD.

“Bitcoin’s supply on exchanges continues to move into self-custody, and the drop below $30,000 last week hasn’t triggered severe reactions that would indicate FUD or more upcoming sell-offs. The 1.17 million BTC on exchanges is the least amount since Nov. 2018.”

Source: Santiment/Twitter

Lastly, Santiment highlights that Dogecoin’s (DOGE) recent rally has put in profit the average active holder of the dog-themed token in the past year. The surge comes as there is speculation Elon Musk will somehow integrate DOGE payments into Twitter now that he rebranded the social media giant to X.

“Dogecoin’s price has now climbed +25% in the past two weeks, and the memecoin has been increasingly grabbing the attention of traders. A big milestone has also taken place on this run, with the average DOGE trader active in the past year now up money.”

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Source: Santiment/Twitter

Dogecoin is trading for $0.077 at time of writing, down 4.6% in the last 24 hours.

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