#MarketPullback The recent dump in WalletConnect Token (WCT) is primarily due to a combination of post-airdrop selling pressure, institutional activity, and bearish technical indicators. After the airdrop of over 50 million tokens, many early recipients quickly sold their WCT holdings, causing the price to drop sharply from around $0.40 to $0.27. Additionally, a large transfer of 2.5 million tokens from WalletConnect's multisig wallet to Binance raised concerns of a possible institutional sell-off, further shaking investor confidence. Technical signals, such as a low Relative Strength Index (RSI) and declining moving averages, also indicated weak buying momentum.

Market sentiment around WCT remains cautious despite its potential utility in the Web3 ecosystem. Skepticism stems from the timing of the token listings and concerns about insider vesting schedules, which some believe could lead to more selling pressure in the future. While WCT recently saw a brief price rebound to around $0.41, it still reflects a notable decline and ongoing volatility, with many investors watching closely to see if confidence can be restored.