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The cryptocurrency market has experienced ups and downs this year due to various macroeconomic developments. While the launch of Worldcoin (WLD) has shifted investors’ focus to AI-based altcoins, its impact has not been as significant as expected. However, data provided by Kaiko indicates that the recent trading performance has had little effect on AI-based altcoins despite the launch of this controversial altcoin.
Why is Worldcoin Controversial?
Worldcoin project gained attention when it was launched on July 24, capturing the cryptocurrency world’s agenda. The main reasons behind the hype are the partnership of Sam Altman, CEO of OpenAI, the viral AI-based chatbot, with the project.
Worldcoin claims to focus on building a network consisting only of real individuals, excluding automated bots. The San Francisco-based company aims to assign individuals a “World ID,” also known as a “Global Identity.” With this World ID, Worldcoin envisions a future where individuals do not have to share personal information such as name, phone number, or email address when interacting with websites.
However, regulators and privacy advocates worldwide have expressed concerns about the project, citing a lack of transparency in the company’s data collection methods. The collection of large amounts of personal data by a single company has raised significant data privacy concerns.
Status of Other AI-Based Altcoins
Although the launch of Worldcoin has created hype around AI altcoins, trading volume for this category of altcoins remained stagnant in August. The latest data provided by Kaiko shows that the trading volume of AI-based altcoins remained relatively stable last month.
The data indicates that the trading volume of AI-based altcoins moderately increased last month, closing at approximately $870 million compared to $570 million at the end of July. However, there has been a notable decrease in volume compared to the beginning of the year.
Furthermore, Dessislava Ianeva, an analyst at Kaiko, recently stated that the hype surrounding AI-based altcoins has decreased since July, largely influenced by changes in global risk sensitivity. The combined open interest for the top five AI-based altcoins, FET, GRT, RNDR, OCEAN, and ROSE, dropped from $170 million in February to $60 million in August.
