WCT (WalletConnect Token), which rose from $ 0.35 to over $ 1.3 in the last month according to Binance data, has experienced a sharp decline in the last two days, losing more than half of its value and falling to around $ 0.65.
Despite this volatility, WCT/KRW trading volume on South Korea’s largest cryptocurrency exchange Upbit reached $558 million in the last 24 hours, equivalent to 35% of the global WCT trading volume, suggesting that the decline may be due to South Korea.
WCT futures have reached the brink of negative funding rates on major centralized exchanges (CEX). According to Coinglass data, the funding rate is currently hovering at -2% on most platforms. Total 24-hour trading volume reached $3.4 billion, while total open interest in the futures market reached $196 million.
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On-chain data also revealed a significant transfer that could be related to the volatility in the WCT price. On May 28, the address “0x19F…cCA67” received 2.5 million WCT 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 the token launch (TGE) a month ago. It is claimed that this address may be connected to Arrington Capital, but it is not yet clear whether the transfer was made for market making or sales purposes.
*This is not investment advice.
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