๐ A Deep Dive into WalletConnect's Token Crash, Utility Promise & What Comes Next
๐ Market Snapshot โ As of June 26, 2025
Price: $0.2961
24H Change: -3.33%
24H High / Low: $0.3113 / $0.2893
24H Volume: 17.5M WCT / $5.28M USDT
Chart Timeframe: 1D (Daily)
๐งฌ What Is WCT and Why It Matters:
WCT is the native governance and utility token of WalletConnect, a critical infrastructure protocol enabling seamless wallet-to-dApp communication across Ethereum, Solana, Cosmos, and other chains.
Key utilities include:
Governance voting over WalletConnect upgrades
Ecosystem fee-sharing and staking rights
Cross-chain incentive structures for developers
Institutional adoption via Phantom & Solflare (recent Solana integrations)
๐ Use case is solidโbut utility alone doesnโt guarantee market performance in a speculative environment.
๐ Price Action Breakdown โ The Rise & Collapse
Initial Launch Zone: ~$0.20
Peak (ATH): $1.3941 on launch day โ a staggering 7x rally
Current Price: $0.2961 โ a 79% correction from peak
MA(7): $0.3172
MA(25): $0.3903
MACD: Still negative, no bullish crossover
RSI(6): 24.09 โ Oversold but lacking confirmation of reversal
๐ Conclusion: We're deep in correction territory, but oversold conditions alone donโt suggest bullish recovery without clear volume and structural reclaim.
๐ง Whale & On-Chain Behavior โ Red Flags?
๐ค On May 28, a known whale wallet transferred 2.5 million WCT to Binance, marking the exact peak.
๐งจ Price collapsed immediately after: strong indicator of insider profit-taking.
๐จ On-chain data also indicates a series of coordinated retail hype pushes across X, Reddit, and Telegram prior to the dump.
โ ๏ธ This matches patterns of launch-cycle tokens that prioritize narrative over structure.
๐ฌ Community Sentiment & Risk Profile
Multiple user complaints about pump-and-dump coordination
Influencers pushing price targets of $3โ$5 within hours of listing
Many retail traders locked in at $0.80+ โ no signs of recovery yet
Trading groups now calling it a "launch trap"
๐ฏ Current Strategic Outlook
๐ป Bearish Continuation Likely โ Unless Structure Changes
Key Resistance: $0.35 โ $0.40
Critical Support: $0.28 โ $0.26
Risk Level: High โ due to ongoing low volume, deteriorating technicals, and strong overhead supply
๐ When Would Longs Be Valid?
Only if:
Price closes above $0.40
Accompanied by a volume surge
RSI breaks above 50
MACD flips to positive territory with momentum divergence.
๐งญ Final Assessment โ Data-Driven, Not Emotionally Driven
Despite its real-world protocol backing, WCT has fallen into a typical post-listing speculative cycle:
Strong fundamental protocol
Weak short-term price structure
Retail distribution, not accumulation
Technical structure still favoring distribution over accumulation
Until a break of structure with confirmation occurs, this is not a long entry zone for professionals โ and certainly not for casual investors.
