Worldcoin Rallies As World Chain's Total Value Locked Climbs As Bitcoin Slides Below $85K

• Worldcoin rose over 7% on Saturday, extending a run that has it up roughly 23% over seven days and 61% over a month.
• Total value locked on World Chain, the layer-2 network run by the same project, climbed 12.28% over 24 hours, according to DefiLlama data.
• The move comes as President Greg Brockman signed for OpenAI instead of CEO Sam Altman, chairman of Tools for Humanity, which makes Worldcoin. 

Worldcoin (WLD) edged higher on Saturday, outpacing Bitcoin (BTC) on daily gains as activity on its own blockchain picked up alongside it, as the apex cryptocurrency traded below $85,000.

Total value locked (TVL) on World Chain, which is the Ethereum (ETH) layer-2 network run by the same project behind the WLD token, rose 12.28% over 24 hours to $45.12 million, according to DefiLlama data. 

The token's move extended a longer run, and WLD was up roughly 23% over seven days, 61% over a month, and 25.2% so far this year, or year-to-date (YTD). 

Worldcoin was one of the top-trending tickers on Stocktwits. WLD’s price was up over 7% during the past 24 hours in comparison to Bitcoin's price which fell over 2%. 

On Stocktwits, the retail sentiment around WLD improved to ‘extremely bullish’ zone from the 'bullish' zone, while chatter around it stayed at ‘high’ levels over the past day. 

Bets Against WLD Burned

Worldcoin's rise in price caught traders who had bet against it. A liquidation happens when a trader borrows to make a leveraged bet, the price moves the wrong way, and the exchange closes the position automatically to stop the losses from growing.

Over the past hour, WLD positions worth about $241,590 were wiped out, against about $133,050 on Bitcoin, according to CoinGlass data. The Worldcoin figure was roughly 82% higher, even though Bitcoin’s market cap is significantly larger.

Most of that hour's damage fell on short positions, which are bets that a price will fall. CoinGlass put the hour's total across all tokens at $1.94 million, of which $1.14 million came from shorts.

The longer view was the reverse. Over 24 hours, $343.96 million was liquidated, and $305.45 million of that came from long positions, which are bets that a price will rise. That fits a market where most tokens fell, and Worldcoin was the exception.

Worldcoin's AI Link Draws Attention

WLD trades as an AI-adjacent token, so sentiment around the sector tends to reach it. Worldcoin and its creator, Tools for Humanity, are different firms, but they’re linked via their chairman, Sam Altman, the CEO of the AI company, OpenAI (OPEAZZX).

The rally comes on the heels on six executives signed a voluntary AI safety commitment at the White House on Sept. 29, among them Google's (GOOG) Sundar Pichai, Anthropic's Dario Amodei, Meta's (META) Mark Zuckerberg, xAI's Elon Musk, and Nvidia's (NVDA) Jensen Huang.

OpenAI president Greg Brockman signed for his company rather than chief executive Sam Altman, who is chairman of Tools for Humanity, the company behind Worldcoin. 

However, on Friday Altman said Cerebras (CRBS) is also a “close partner” of OpenAI, who stated the businesses had a “deep engagement pushing on the frontiers of speed.” The transaction includes OpenAI’s agreement to use 750 megawatts of Cerebras computing capacity through 2028, with Cerebras stating the arrangement is worth over $20 billion.

Read also: Bitcoin Investors Who Bought Last Year's Rally Are Selling As Price Nears Their Break-Even, Glassnode Says

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