The WalletConnect Token ($WCT ) has fallen by 5.75% in the last 24 hours, which is worse than the overall cryptocurrency market (-3.5%). The main reasons are profit-taking after recent listings on exchanges, negative technical signals, and ongoing concerns regarding the tokenomics.
Overall market decline - the cryptocurrency market capitalization has decreased by 3.5%, exacerbating the decline of $WCT .
Volatility after listing - profit-taking following integration into the Coinbase Optimism network (August 14).
Technical difficulties - RSI is close to oversold (42.93), price is below key moving averages.
Supply concerns - 81% of the maximum volume of 1 billion WCT is locked, raising concerns about dilution.
Recovery of the overall cryptocurrency market. - Growth and development of the WalletConnect network, which may positively impact the price of $WCT .
Thus, the current decline is a combination of both short-term factors and deeper issues related to the token and the market as a whole.
