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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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The WalletConnect Token (WCT) has exploded into the spotlight after a dramatic price turnaround, surging over 100% just days after a sharp post-airdrop decline.
Shortly after its long-awaited debut, WCT fell sharply from $0.40 to $0.27, largely driven by a selloff from early airdrop recipients.
WalletConnect, a staple protocol in the Web3 ecosystem, has distributed over 50 million tokens as part of its decentralization plan, with 18.5% of the supply earmarked for community incentives.
The initial sell pressure seemed expected. But what came next was less predictable: a sharp rally to $0.65, more than doubling its bottom price. WCT is trading around $0.47, which is still far above its early dip.
The comeback has been catalyzed by upcoming listings on South Korea’s largest exchanges, Upbit and Bithumb.
With WCT now featured on Binance, OKX, Bybit, Kraken, Gate.io, and Bitget; Upbit announcement added a powerful layer of market momentum.
South Korean retail traders are notorious for triggering rallies in newly listed tokens; WCT was no exception. In the 24 hours following Upbit’s listing confirmation, WCT jumped 36%, brushing a new all-time high of $0.58.
WCT Price Disparities and Exchange Frenzy
As WCT’s popularity soars, noticeable price gaps have formed between centralized exchanges.
On Binance, WCT has been trading at $0.62, significantly higher than the $0.539 observed on OKX.
This divergence is likely due to liquidity variations, arbitrage opportunities, and regional demand spikes, particularly with Korean listings underway.
With Upbit and Bithumb confirming spot listings of WCT/KRW on April 16, demand is expected to increase from South Korean traders who often drive intense short-term speculation.
These listings are part of WalletConnect’s calculated push to decentralize its ecosystem and expand token utility.
The WCT token officially became transferable on April 15, 2025, meeting all previously established criteria by the WalletConnect Foundation.
These included the launch of staking pools, onboarding node operators, the WalletConnect Certified Wallet program, and the recent open-sourcing of the core code.
Completing these technical and community-focused milestones laid the groundwork for WCT’s broader distribution and exchange integration.
Notably, the volatility has not deterred investor interest, with current data showing a rebound in trader optimism.
Gate.io joined the listing frenzy with a $10,000 WCT trading competition, while Kraken, Bybit, and Bitget announced listings almost simultaneously.
Controversies, Market Makers, and Transferability Questions
However, not all the excitement around WCT has been celebratory. Critics have raised concerns about the timing of the token’s listing and the vesting schedule for insiders.
Some accused WalletConnect of “playing the Starknet crime playbook,” referring to prior cases in which token insiders allegedly benefited from shorter-than-disclosed vesting periods.
According to critics, insiders in WalletConnect’s case will effectively have their allocation unlocked five months earlier than the traditional one-year timeline, potentially allowing them to dump tokens amid peak market hype.
Adding fuel to the fire, market sleuths on crypto Twitter have identified GSR.io as the suspected market maker behind WCT.
They cite suspicious trading patterns similar to those seen in past launches such as GALA, BIGTIME, and ARKM.
One on-chain analyst claimed it cost $16,000 in gas to verify GSR’s involvement by tracking wallet addresses and that roughly 2.8 million WCT tokens were linked to their operations.
Others began offering tutorials on identifying such patterns, suggesting that professional market makers often leave behind subtle clues.
Despite the criticism, WalletConnect’s transparency on some aspects of the project, particularly around transferability criteria, has won praise.
While market makers, listing spikes, and price gaps may dominate the short-term narrative, WCT’s real test will come in its ability to drive long-term value for users, developers, and stakeholders.
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