The price of Worldcoin (WLD) has experienced a significant surge, increasing by over 10% to $2.31 in the last 24 hours, according to CoinMarketCap. This price rally follows a major development from the Worldcoin team, who initiated a token unlock event managed by the Tools for Humanity (TFH) team on July 24.

The token unlock event aims to distribute most WLD tokens to individuals with official World IDs, who have been identified as unique humans by the team. Nearly six million unique individuals have participated in the Worldcoin network using this method. The unlocking event will be conducted daily in a linear manner and will continue until 2026, with 3.20 million WLD tokens being unlocked.

The TFH team has extended the unlock period from three years to five years to align with Worldcoin's broader mission. The WLD team has clarified that this token unlock will not affect WLD grants for World ID holders. The initial WLD unlock began last year, during which 12.5 million WLD tokens were unlocked.

The WLD token unlock has been well-received by the community and is contributing to the bullish momentum in the price of Worldcoin. The market cap of the coin has also risen by 10.56% to $683 million, making it the 95th largest cryptocurrency by market cap.

Today's 10% surge appears to be the beginning of a long-term upward trend for Worldcoin. The token unlock event has instilled confidence in investors, and the price is expected to continue rising in the coming days. However, only time will tell how the future will unfold for Worldcoin.