- The WLD price plunged after the AI firm ousted ChatGPT’s co-founder.
- Activity on the Worldcoin network also decreased, suggesting unrest among holders.
The price of Wolrdcoin [WLD] plunged by 12.64% in the last 2 hours, as news of the sack of Sam Altman spread like wildfire.
Altman was the co-founder and CEO of OpenAI. OpenAI is the firm responsible for creating the popular Artificial Intelligence (AI) tool ChatGPT. He also doubles as the co-founder of the cryptocurrency project Worldcoin.
Before the development went public, WLD exchanged hands at $2.13.
But after the disclosure, the token fell sharply and was trading at $.1.87 at press time. Altmans’ dismissal came as a shock to both the crypto and AI community.
No face, no problem, OpenAI says
Since ChatGPT gained popularity, earlier in the year, Altman, despite being CEO, has been the face of the OpenAI team. But AMBCrypto looked into the pushout.
From the information we got, Altman was ousted because the company’s board passed him a vote of no-confidence.
The OpenAI board also released a statement with respect to the development. According to the communiqué, the decision to fire Altman was that:
“Mr. Altman’s departure follows a deliberative review process by the board, which concluded that he was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities. The board no longer has confidence in his ability to continue leading OpenAI”
As the Worldcoin price fell, an in-depth analysis of the volume in the last 24 hours showed that the metric increased. AMBCrypto, via on-chain data from Santiment, found out that WLD’s volume had jumped to 201.53 million.
Source: Santiment
WLD to suffer before any respite
A falling price with a rising volume can be a sign of decreasing momentum. So, it is likely that the WLD price decrease will last a little longer.
However, if the trend continues, a potential reversal may be on the table. Therefore, after the heat around the Altman news cools down, there is a chance that WLD rallies off the bottom.
Should this happen, Worldcoin may be able to reclaim $2. Another metric to consider is active addresses.
At the time of writing, the one-hour active addresses on the Worldcoin network fell drastically into the negative region.
In the crypto economy, it is unusual for the metric to drop negative. However, the decline mentioned above is a confirmation that users are refraining from transacting on the Worldcoin network.
The decrease could also be a sign that market participants have lost trust in the project.
But this might only last for a short while, considering the current circumstances. Like the active addresses, the development activity also fell.
Source: Santiment
The drop in development activity, alongside the active addresses, is a bearish signal. So, as mentioned earlier, WLD’s value may continue to decrease until sellers are exhausted to trigger a reversal.
In the meantime, the OpenAI board has appointed Chief Technology Officer (CTO) Mira Murati as the interim CEO.
Is your portfolio green? Check the Worldcoin Profit Calculator
Also, the firm asked co-founder Greg Brockman to step down as President. They also asked him to remain a part of the board. But in a post on X (formerly Twitter), Brockman mentioned that he had refused the offer.
After learning today’s news, this is the message I sent to the OpenAI team: https://t.co/NMnG16yFmm pic.twitter.com/8x39P0ejOM
— Greg Brockman (@gdb) November 18, 2023