Can Worldcoin weather Elon Musk’s OpenAI lawsuit?

The poster coin of AI development took a hit as Elon Musk filed a lawsuit against Open AI.

  • Worldcoin gets entangled with OpenAI lawsuit.
  • WLD declines briefly at the break of the OpenAI lawsuit.

On 1st March, Worldcoin [WLD] experienced a downturn following reports of a potential lawsuit involving a related platform. How has the asset’s trajectory unfolded in response to this recent development, and what is its current trend?

Worldcoin gets hit in OpenAI suit
According to a recent Reuters report, Elon Musk, the chief of X (formerly Twitter), has filed a lawsuit against OpenAI and its CEO, Sam Altman.

The lawsuit, filed on 29th February, alleges that the AI platform has deviated from its original mission of developing artificial intelligence for the benefit of humanity and not for profit.

Musk claims a breach of contract, contending that Altman and co-founder Greg Brockman initially approached him to establish an open-source, non-profit company. However, the startup’s current focus is on profit generation.

In the legal action, Musk seeks a court ruling compelling OpenAI to make its research and technology available to the public. Additionally, the lawsuit aims to prevent the startup from using its assets for financial gains.

It’s worth noting that Sam Altman co-created Worldcoin and remains a board member, which is why WLD experienced a slight impact.

How Worldcoin ties into the OpenAI saga
While OpenAI does not possess a cryptocurrency, it’s important to note that Sam Altman, as previously mentioned, is the co-creator of Worldcoin (WLD).

Consequently, WLD has become a poster of the renewed interest and development seen at OpenAI. This is particularly following the latest release from the platform.

The increase in attention led to substantial growth in the price of WLD, positioning it as one of the most notable winners over the past weeks.

Reviewing the trend of WLD
Examining Worldcoin on a daily timeframe showed that it concluded the trading session on 1st March with an 8.13% gain.

However, a closer look at a smaller timeframe uncovered some fluctuations during the session. The chart showed that WLD experienced a decline of about 6.7% at a certain point within the six-hour timeframe before recovering.

WLDUSDT 2024 03 02 05 59 56.png WLDUSDT 2024 03 02 05 59 56.png

Reviewing the daily timeframe on 29th February, the day Musk’s lawsuit was filed, showed a value decrease of over 7%.

Despite these observed declines, Worldcoin has managed to sustain a bullish trend. Analysis of its Relative Strength Index at the time of this writing showed a value close to 75.

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