WCT Soars 100% After Airdrop Dump — Price Gap Widens Ahead of Korean Exchange Listings

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.

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

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 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

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.

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 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.

🚀 $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, 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.

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

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.

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 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.