The Wallet Connect Token (WCT) has been one of the most discussed cryptocurrencies in the past month, exhibiting pronounced price volatility that has caught the attention of traders and investors far and wide. According to a May 20 article on the Binance blog, WCT’s price pumped from a meager $0.35 at the start of the month to a stunning (and suspicious, in retrospect) peak above $1.30 – an approximately 270 percent increase in just two weeks. According to Binance data, WCT surged from $0.35 to above $1.3 over the past month, but in the last two days, WCT has plummeted sharply, halving to around $0.65. In the past 24 hours, South Korea's largest exchange, Upbit, recorded a WCT/KRW trading volume of $558 million,… — Wu Blockchain (@WuBlockchain) May 31, 2025 However, WCT’s price promptly plummeted over the weekend, falling back down to around $0.65 by May 21 and thus appearing to have given back about half its earlier gains in what some might call a “get-rich-quick scheme” gone wrong. Even with the actual price movements, we see an ecosystem that is highly active and engaged around WCT. South Korea’s largest cryptocurrency exchange, Upbit, has emerged as a major venue for trading WCT. They account for a large part of the global WCT trading volume right now. And staking with Wallet Connect continues to see robust participation in my opinion; tens of thousands of stakers have locked up millions of tokens for long-term holds. Sharp Price Surge and Sudden Correction WCT’s price moved in surprising ways over the last month. Starting from near $0.35, the token surged ahead, seemingly unanchored by anything other than the rising interest in and adoption of the Wallet Connect protocol. By half-past the month, WCT crossed the $1.3 threshold, making it appear as if WCT might be a solid buy at some point last month. The positive progress of the Wallet Connect ecosystem helped partly to fuel this rally. It has, for one, extended its partnerships to a much greater degree than before. And it is now celebrating an upsurge in the use of its decentralized wallet connection technology. Traders sensibly concluded that the development was an opportunity to invade the exchanges en masse and push prices higher. The euphoria was, however, short-lived. Within just 48 hours, WCT witnessed a sharp turnaround. The token’s price sank to nearly 50%, before recovering to the mid-$0.60 levels. Mid-level market corrections of this nature are not uncommon in the crypto space. But the suddenness and size of this downturn have certainly captured the attention of more than just WCT investors. Market analysts are now casting shared speculative nets over a few probable causes, including: 1. Profit-taking by early investors. 2. Broad market conditions. 3. Concentrated trading on certain exchanges. WCT Upbit Leads with Massive Trading Volume The recent price action has a key element, which is the oversized role that Upbit, South Korea’s largest exchange, has been playing. Just in the last 24 hours, the trading volume clocked by Upbit for WCT/KRW was $558 million. That figure is not just a number; it makes Upbit that much more relevant a player in the WCT space, as this accounts for about 35% of the total global trading volume for WCT. This gives insight into something that had not been in focus, which is the role of South Korean traders in WCT. WCT trading is concentrated at Upbit, which means there is regional interest and liquidity in the token. South Korean crypto investors have been major players in many digital asset markets. For this reason, and because WCT has been trading at a premium on Upbit, we take the above as indications of investor confidence in the long-term performance of this token. Upbit’s trading volume is high. This means that if someone decides to buy a large amount of something and a few people working for the exchange also decide to buy, then by the time you could buy, the price has already gone up. And conversely, if a big sell order comes through, these kinds of price movements can influence the sentiment that others have about the whole market. Wallet Connect Staking Growth Reflects Strong Community Engagement Apart from trading, the staking platform of Wallet Connect portrays an enlightening picture depicting a devoted and burgeoning user base. At present, there exist 47,439 stakers who have collectively committed an excess of 120 million WCT tokens to the staking contract. This sizeable amount of staked tokens bodes well for the sorts of governance and security undertaken by the Wallet Connect network. 47,439 stakers. 120M+ WCT already staked. 119,839 WCT rewards distributed this week alone. Staking takes seconds, secures the network, and puts your WCT to work. Here's how pic.twitter.com/jmhKkh46XR — WalletConnect (@WalletConnect) May 30, 2025 Complementing this image of the platform’s active engagement with the community, it distributed rewards in the past week alone of nearly 120,000 WCT in staking rewards. This ongoing incentive for holders to stake their tokens, thus contributing to a reduced circulating supply, is yet another potential mechanism for price stability over time. Since we started discussing this, by the way, I’ve noticed price actions seemingly toning down as well. The increase in staking activity shows that, in spite of recent price swings, the Wallet Connect ecosystem is growing and allowing us to participate in a way that feels now, as it did in the past, much more intimate. For holders, staking is a way to gain when the protocol gains but also a way to bolster the protocol’s long-term resilience. Looking Ahead: Navigating Volatility and Opportunity The recent surge in price and the subsequent correction of WCT offer a clear view of the challenges and opportunities of moving too quickly in the crypto markets. Not every project is as firmly rooted in a community, and not every project offers as much exposure to future price action as WCT does. But for investors in projects like WCT, this is a lesson to be learned. People in the market will probably keep a close eye on how the token does in the next several weeks—especially since the broader market is changing. For holders who are in it for the long term and for fresh investors, figuring out the imbrication of trading activity, regional markets, and staking will be crucial to making any kind of assessment about WCT’s future. At the same time, the expanding network of Wallet Connect and the continuing staking rewards present a strong and compelling base that may enable the token to ride out its present volatility and possibly command further upward price action in the next several months. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
