The Wallet Connect Token (WCT) has been one of the most discussed cryptocurrencies over the past month, exhibiting pronounced price volatility that has

The Wallet Connect Token (WCT) has been one of the most discussed cryptocurrencies in the past month, exhibiting pronounced price volatility that has traders and investors intrigued.

According to a May 20 article on the Binance blog, WCT’s price experienced a significant pump from $0.35 at the start of the month to a peak above $1.30—an approximately 270 percent increase in 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, cutting in half to around $0.65 by May 21 and thus appearing to have nearly fully undone what some might call a “get-rich-quick scheme.”

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

News data source: kdj.com

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