The token has recently experienced a significant price dump, sparking concerns among investors.
The $WCT (WalletConnect Token) has had a wild ride over the past month, surging from $0.35 to over $1.30 - a staggering growth of over 270%! However, the token's price has since experienced a significant correction, plummeting to around $0.5.At the time of writing its value was 0.6087.
What Caused the Dump?
One potential factor contributing to this sharp decline could be the recent surge in trading activity on South Korea's largest cryptocurrency exchange, Upbit. With a whopping $558 million in trading volume over the past 24 hours - equivalent to 35% of the global WCT trading volume - it's possible that this exchange's activity has had a ripple effect on the token's price.
Also,On-chain data reveals a significant transfer that may be linked to WCT's price volatility. On May 28, address "0x19F…cCA67" received 2.5 million WCT (valued at approximately $2.34 million) from the WalletConnect project's multi-signature wallet and promptly transferred them to Binance.
Interestingly, this address had previously received 2.5 million WCT during the token launch (TGE) a month ago. While the address is suspected to be connected to Arrington Capital, the purpose of the transfer remains unclear - is it for market making or sales? Further investigation is needed to determine the impact on WCT's price.
What are your thoughts on WCT's recent price movement? Share your analysis and insights below!"
👉This is not investment advice. Do your own research.😇
