This week, the head of OpenAI Sam Altman's coin soared by 75%, reaching $3.3 on July 17. A number of crypto investigators, including the notorious ZachXBT, called the coin the largest scam, and that the behavior of the project team was shameful.

When the project was launched, 10 billion WLD were mined, of which 98%, including the coins of developers and early investors, were blocked. 

Unlocking starts on July 24, releasing 3.3 million WLD per day. Of the current circulating supply of 277 million WLD, this is 1.2%. Thus, in 84 days, the working supply will double, which will inevitably lead to a drop in the value of the coin, assuming everything else remains equal.

In fact, it will double much faster if the current pace of new user sign-ups is maintained, with each new user receiving 25 WLD for registering via retinal scan. Now their number exceeds 6 million people.

A week before the event, the developers made an unexpected feint for the community by announcing on July 16 an increase in the unlocking period from three to five years. The news caused the price to soar 75%.

As the DefiSquared cryptodetective explains, the team is probably pumping the price before the upcoming reset, and the news of an increase in the unlocking period is exaggerated as an argument for further growth to attract retail investors:

Much of the ecosystem exists solely for venture capitalists to shed WLDs.

In fact, even taking into account the five-year plan, the growth in supply will be staggering, since 2 million WLD will be unlocked per day (instead of the expected 3.3 million WLD). The mass of tokens released for the next year will exceed the expected reward flow in favor of new customers by 60% and increase the current turnover offer by 2.6. In such conditions, there is no need to discuss any long-term growth, and the completely diluted capitalisation of $30 billion (= $3 * 10 billion WLD) looks like an unfunny joke.

At the same time, the viability of the project remains in question even without taking into account tokenomics. Due to the collection of biometrics, the involvement of minors and an indifferent attitude to data storage, the number of restrictive actions by national regulators is growing. Retinal scans were banned throughout Europe with the exception of Germany (under investigation), as well as in a number of Asian and African countries where the project was gaining popularity.

StormGain Analytical Group 
(Platform for trading, exchanging and storing cryptocurrency)

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