$WCT Peaks at $0.63, Slides 30%—Is Web3’s “Visa” Token in Trouble?

Author

Jimmy Aki

Author

Jimmy Aki

About Author

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

Author Profile

Share

Copied

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

April 16, 2025

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

WalletConnect has quietly powered Web3 behind the scenes. The protocol connects decentralized apps (dApps) and crypto wallets together.

Now, with the launch of the network’s $WCT token, the project is stepping into the spotlight and facing its first market test.

Early Sell-Off Crashes $WCT Over 30% From Peak

$WCT debuted on April 15 with serious intent, quickly securing listings on top-tier exchanges, including Binance, Kraken, OKX, and Crypto.com.

Binance, in particular, provided millions of users the opportunity to farm $WCT by locking $BNB, $FDUSD, and $USDC via its LaunchPool.

But, the transition from an established infrastructure to a tokenized ecosystem hasn’t gone as planned.

Despite a promising start, $WCT dropped from its initial price of $0.40 to $0.27, largely due to sell-offs by early airdrop recipients.

On April 16, the token experienced a sharp recovery, rallying to a high of $0.63 before cooling off, now trading over 30% below that peak.

Founder Defends $WCT Launch, Citing ‘Token-Market Fit’

Market observers have questioned whether WalletConnect, widely known as a protocol that bridges digital wallets with decentralized apps (dApps), truly requires a native token.

In response, founder Pedro Gomes justified the launch by citing “token-market fit,” emphasizing the network’s growth and increasing developer participation through SDK integrations.

He also mentioned aligning stakeholders with the platform’s long-term goals, including node operators and wallets.

According to Gomes, the $WCT token will support WalletConnect’s expanding ecosystem through fees, rewards, staking, and governance, incentivizing its over 40 million users and supporting the protocol’s transition into a decentralized infrastructure layer.

Often compared to the “Visa of Web3,” WalletConnect powers over 275 million on-chain connections, including more than 18 million wallet interactions in March alone.

Beyond wallet integration, WalletConnect has also ventured into secure decentralized communication.

In January 2024, the project launched Web3Inbox, a subscription-based notification service enabling wallet-based messaging without reliance on traditional Web2 tools.

Through it, users receive project updates directly in their wallets, eliminating the need for email sign-ups or external platforms.

Trouble Ahead? Bearish Signals Flash Warning

The $WCT/$USDT pair is currently trading near $0.3932, down 9.14% intraday. Price action on the daily chart suggests the formation of a potential Head and Shoulders pattern, a classical bearish reversal setup.

The left shoulder formed after a sharp initial rally, followed by the head at the swing high near $0.65. The right shoulder is now forming slightly below the head, indicating waning bullish momentum.

The neckline appears to lie in the $0.35–$0.36 range. A confirmed breakdown below this region could validate the bearish structure, targeting a retracement toward the $0.28–$0.30 zone.

Meanwhile, the Relative Strength Index (RSI) stands at 40.59, with a signal line at 41.02. This suggests bearish pressure without reaching oversold conditions, leaving room for further downside.

Conversely, if $WCT holds the neckline and rebounds, resistance is expected in the $0.42–$0.45 range.

A breakout above the right shoulder could invalidate the bearish pattern and signal renewed upside momentum.