The WalletConnect Token (WCT) has captured attention following a remarkable price rebound, experiencing a surge of over 100% just days after a significant decline post-airdrop.
WCT’s much-anticipated launch initially saw its price plummet from $0.40 to $0.27, primarily due to heavy selling from early airdrop participants.
1/ Are you ready?!@okx is listing $WCT
WCT deposits will open at 10:00 UTC | April 15
WalletConnect is proud to partner with OKX https://t.co/CL4q0ylkHC pic.twitter.com/A0bm5VpjUJ
— WalletConnect (@WalletConnect) April 8, 2025
As part of its decentralization strategy, WalletConnect has distributed over 50 million tokens, with 18.5% allocated for community incentives, positioning itself as a foundational protocol within the Web3 ecosystem.
While the initial sell-off was anticipated, the subsequent price rally to $0.65 caught many off guard, more than doubling the token’s lowest price. Currently, WCT is trading around $0.47, significantly above its dip.
The WalletConnect (#WCT) listing attracted great attention. The WalletConnect team had AirDroped thousands of users. WalletConnect users made good returns.
After the listing, the $WCT price dropped from $0.4 to $0.27. The sales of users who received AirDrop were effective in the… pic.twitter.com/PyUPKUNBoN
— Crypto News Portal (@TerraNewsEN) April 16, 2025
This resurgence is largely attributed to anticipated listings on South Korea’s premier exchanges, Upbit and Bithumb.
With WCT now available on major platforms like Binance, OKX, Bybit, Kraken, Gate.io, and Bitget, the confirmation from Upbit further fueled market momentum.
Known for their influence in driving price rallies for new token listings, South Korean retail traders have responded in line with expectations for WCT. Following Upbit’s listing announcement, the token climbed 36%, reaching a new all-time high of $0.58.
Source: CoinGecko
WCT Price Disparities and Exchange Frenzy
As interest in WCT escalates, significant price variations have emerged across centralized exchanges.
On Binance, for instance, WCT is trading at $0.62, whereas OKX reports a lower price of $0.539.
This price divergence is likely attributable to differences in liquidity, opportunities for arbitrage, and sudden regional demand, especially with the upcoming Korean listings.
With spot listings for the WCT/KRW pair on Upbit and Bithumb confirmed for April 16, demand is poised to increase, driven by South Korean traders known for their speculative trading patterns.
Bithumb to list $WCT/KRW spot trading pair on April 16
South Korean crypto exchange Bithumb announced on its official website that it will list the WCT/KRW spot trading pair on April 16 at 10:00 UTC.
— CoinNess Global (@CoinnessGL) April 16, 2025
These listings represent part of WalletConnect’s strategic effort to decentralize its ecosystem while expanding the utility of the token.
WCT officially became transferable on April 15, 2025, meeting critical requirements set by the WalletConnect Foundation. Milestones included launching staking pools, onboarding node operators, and introducing the WalletConnect Certified Wallet program, alongside making its core code open-source.
These developments have laid a solid foundation for WCT’s wider distribution and integration into exchanges.
Despite the fluctuating prices, interest among investors remains robust, highlighted by current data showing a renewed sense of optimism among traders.
Gate.io has jumped into the listing excitement with a $10,000 trading competition for WCT, while Kraken, Bybit, and Bitget also announced their listings nearly concurrently.
$WCT NEW Listing Celebration, Exclusive Launch Rewards
Deposit or trade $WCT now for a chance to share $10,000 $WCT Rewards
No entry barriers, just trade to win
Join Now: https://t.co/ophRBVbUIh
Learn more: https://t.co/irHPlW7ZH0 pic.twitter.com/kkqsH1jDqz
— Gate Launch (@Gateio_Launch) April 16, 2025
Controversies, Market Makers, and Transferability Questions
However, the enthusiasm surrounding WCT has not been without its criticisms. Some stakeholders have raised red flags regarding the timing of the token’s listing and the vesting schedule assigned to insiders.
Critics allege that WalletConnect may have adopted tactics from the “Starknet crime playbook,” referring to previous instances where token insiders seemingly benefited from shortened vesting periods.
Be @WalletConnect
> Deploy the official WCT token without listing it for trading
> say nothing about token listing for ~7 months
> Get called out for playing the starknet crime playbook
> Start plans to list the token, and pretend insiders (team, investors) vesting time… https://t.co/VdEoxWoEur pic.twitter.com/aWwsoW7CG9
— Anon Vee (@AnonVee_) April 7, 2025
Critics assert that insiders could have their token allocations unlocked five months sooner than the conventional one-year period, potentially allowing for token sales during peak market enthusiasm.
Adding to the controversy, market analysts on social media have identified GSR.io as a potential market maker for WCT.
They have observed trading patterns reminiscent of earlier launches like GALA, BIGTIME, and ARKM. One analyst claimed it cost $16,000 in gas fees to confirm GSR’s role by tracing wallet transactions, indicating that almost 2.8 million WCT tokens were tied to their activities.
花16000刀确认 #WCT 做市商是@GSR_io 无疑了
K线特点：低开-缓跌横盘-突然拉到你头晕目眩
过往业绩：#GALA #BIGTIME #ARKM 这走势一看就他娘的是一母所生啊
好了，有人该问怎么跟做市商发财了，看下面的推文。所有做市商做市都会留下蛛丝马迹，比如持有他们代币、账户异动、加关注等… https://t.co/hvZjIGEjC2 pic.twitter.com/rQ5Cm9vO2P
— 加密大香蕉 (@NFTbigbanana) April 16, 2025
Others have begun providing guides to help identify such trading patterns, suggesting that experienced market makers typically leave behind subtle traces.
Despite the criticisms that have emerged, WalletConnect’s transparency regarding certain project elements, particularly related to transferability criteria, has garnered some praise.
While the presence of market makers, price fluctuations, and exchange listings dominate the current landscape, the real measure of WCT’s success will hinge on its ability to establish long-term value for its users, developers, and stakeholders.
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