#WalletcConnect @WalletConnect WCT's recent sharp decline has sparked market controversy. The project's fundamentals, market sentiment, and historical performance need to be analyzed from multiple dimensions:

1. Core Risks: Overvaluation bubble and ongoing selling pressure. WCT's annual income is only 2 million, with a PS ratio as high as 60 times, far exceeding the industry average, presenting the risk of valuation regression. Circulation risks include 44% retail mining chips and 32% early institutional holdings, which can easily trigger sell-offs.

2. Token Economic Design Flaws: Utility lag, lack of value capture capability, inflation incentives backfiring, continuously suppressing coin price.

3. Track Competition and Ecological Bottlenecks: Limited market share, low revenue conversion rate, questionable commercialization prospects.

Potential Opportunities: Undervalued recovery and ecological catalysts. Technical indicators show oversold rebound potential, ecological progress, and value reassessment, with a long-term layout window. Key indicators comparing bulls and bears show that while there is a bubble, the market cap has significantly discounted, presenting rebound opportunities.

Current valuation is high, selling pressure has not been released, and there is a risk of going to zero; if the price falls below $0.3 and the Q3 fee mechanism is implemented, there is hope for value reassessment. It is recommended that investors strictly adhere to discipline, engage in short-term event-driven speculative rebounds, and wait for right-side signals on fundamentals for long-term investments, avoiding blind bottom fishing.