$WCT Buy on dips below 1u
After nearly a month of sideways consolidation, the WalletConnect token (WCT) has recently experienced abnormal movements due to multiple positive catalysts. On-chain data shows that the number of active WCT on-chain addresses exceeded 230,000/day in the past week, an increase of more than 300% compared to the early stage of its launch in April. The net outflow from exchanges reached 4.2 million, a record high. As of press time, WCT is trading at $0.89, up 54% in a single week, and the open interest in the derivatives market has exceeded $120 million, with the total amount of short liquidations exceeding $18 million. #
Since landing on Binance Launchpool on April 15th, WCT has been supported by leading exchanges such as Upbit and MEXC. The listing effect on Upbit, South Korea's largest trading platform, has been particularly significant. Its WCT/KRW trading pair contributed 36% of the total market trading volume on the first day, pushing the coin price to a maximum of $0.58 on the same day. Currently, the total amount of WCT pledged has reached 112 million, accounting for 60% of the circulating supply, and the annualized yield (APY) remains high at 85%, with real yield (non-inflationary portion) increasing to 35%, significantly alleviating early "mining and selling" pressure.
Despite the rapid short-term gains, market concerns remain. A Glassnode report shows that the top 50 addresses control 71% of the circulating supply, and centralized holdings may exacerbate volatility. In addition, 17.5% of the airdrop tokens reserved by the project party will be released in the third quarter, with a potential selling pressure of approximately $31 million. However, Clara Müller, Head of Digital Asset Research at Deutsche Bank, believes that as the WalletConnect protocol completes its transition from the "tool layer" to the "value layer," its token is expected to exceed $2.5 in 2025, still with an upside potential of 180% from the current price.
