WCT (WalletConnect Token), which rose to more than $1.3 from $0.35 last month, has dropped sharply over the past two days, losing more than half its value, dropping to about $0.65, according to Binance data.
Despite this volatility, Upbit’s WCT/KRW trading volume on South Korea’s biggest cryptocurrency exchange reached $558 million in the last 24 hours, representing 35% of the global WCT trading volume, suggesting the decline could be attributed to South Korea.
WCT futures reached negative funding rates for major centralized exchanges (CEX). According to Coinglass data, funding rates are currently hovering at -2% on most platforms. The total trading volume reached $3.4 billion over the 24-hour period, while total public interest in the futures market reached $199 million.
On-chain data also revealed significant transfers that could be related to WCT price volatility. On May 28th, address “0x19F…CCA67” received 2.5 million WCTs from the WalletConnect project’s multi-signature wallet and transferred these tokens to Binance. The value of the transfer was recorded as approximately $2.34 million. The same address received 2.5 million WCT during token launch (TGE) a month ago. It is claimed that the address may be connected to the Arlington capital, but it is not yet clear whether the relocation was made for the purpose of manufacturing or selling the market.
*This is not investment advice.
