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📉 WCT Drops 5.6% — What’s Going On?

WalletConnect Token (WCT) has taken a hit, falling 5.6% in 24 hours. Let’s break down why:

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🔍 TL;DR

🪂 Airdrop Profit-Taking: After recent incentives for Solana users (Jupiter airdrop), many traders are cashing out.

📉 Low Liquidity: Trading volume dropped by 34%, showing less interest and fewer buyers.

🧱 Bitcoin Dominance: BTC now controls 64.6% of the market, making it harder for altcoins like WCT to shine.

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🔬 Deeper Look

1. Airdrop Hangover

WCT saw a short-term boost after the June 13 Solana airdrop, but now it's following a familiar pattern: price surges → traders sell → price drops.

Volume is drying up fast (just $24M traded), meaning fewer people are speculating on it for now.

2. Bearish Momentum

📊 Price is trading below key averages: $0.302 vs 7-day ($0.318) & 30-day ($0.364).

📉 RSI at 40.46 — not oversold yet, but still weak.

🌀 Holding just above critical Fibonacci support. Next key level: $0.28.

3. Altcoin Chill

🔐 BTC dominance is rising, and that usually pulls attention (and money) away from altcoins.

🧠 Fear & Greed Index is neutral (55), favoring safer bets like Bitcoin right now.

🔗 WCT is moving in sync with BTC (correlation: 0.78), meaning if Bitcoin dips, WCT likely follows.

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🧭 What’s Next?

WCT is under pressure due to a combo of selling, weak liquidity, and the current Bitcoin-heavy market environment. It might find support near $0.28–$0.29. But for real upside, it needs fresh catalysts.

👀 Eyes now turn to Q3 2025 governance upgrades — could they spark a new wave of user activity and demand?

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