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The price of Worldcoin (WLD) has just witnessed a massive surge. According to CoinMarketCap, WLD has surged over 10% to $2.31 in the last 24 hours. The market cap of the coin has also skyrocketed 10.56% to $683 million, making it the 95th largest crypto in terms of market cap.

This price rally comes amid a huge development from the Worldcoin team. On July 24, the WLD community saw the beginning of the major token unlock. This event is managed by the Tools for Humanity (TFH) team. Per the official announcement, most WLD tokens are going to be distributed to people with official World IDs.

They will be given these coins for being unique humans, as revealed by the team. They further revealed that almost six million unique individuals have participated in the Worldcoin network using this method. The team has initiated the unlocking event, and it will be conducted on a daily basis in a linear way.

Major developments

Last week, the TFH team told the Worldcoin Foundation that this highly anticipated token unlock is going to be conducted for 80% of the WLD coin held by the Tools for Humanity team. Moreover, it has been extended from a period of three years to five years. This is done to follow the broader mission of Worldcoin.

The WLD team further revealed that this token unlock will not impact WLD grants for World ID holders. The WLD unlock initially began last year. During this time, 12.5 million WLD tokens were unlocked. As of now, it is scheduled to continue until 2026, as 3.20 million WLD tokens will be unlocked.

Overall, this WLD token unlock has been celebrated in the community. It is also injecting bullish momentum into the price of Worldcoin. Today’s surge of 10% appears to be the start of a long term upward trend. The prospect of this continued bullish trend appears to be looking strong. But only time will reveal what will happen in the future.