WalletConnect Token (WCT) Price Sees Sharp Volatility Amid Upbit Trading Surge, Staking Growth, and Whale Moves

WalletConnect Token (WCT) experienced extreme volatility following its Binance listing. In May, WCT soared from $0.35 to over $1.30—a 270% increase—before sharply correcting to $0.65, losing over 50% in two days. Initial volatility was driven by new partnerships, protocol adoption, and intense trading, particularly on Upbit, South Korea’s largest exchange, which captured 35% ($558 million in 24 hours) of global WCT volume. Futures funding rates dropped to -2% on major platforms, signaling heightened short interest. Total trading volume hit $3.4 billion, and open interest in WCT futures reached $196 million. On-chain analysis flagged a transfer of 2.5 million WCT from a WalletConnect multi-signature wallet to Binance, reportedly tied to Arrington Capital—raising speculation of market-making or large-scale sales. Despite high regional trading concentration and major whale movements, community engagement remains robust: over 47,000 users have staked more than 120 million WCT, with 120,000 WCT distributed as weekly rewards. Staking is reducing supply and could help stabilize prices long-term if network growth persists. However, short-term outlook remains uncertain. Crypto traders should monitor Upbit trading flows, staking trends, and whale activity for signals on WCT’s trajectory.