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What happened?

WalletConnect has launched its native $WCT token, debuting on several major exchanges like Binance and Kraken. Initially, the token’s price soared to $0.63 but soon plunged over 30% due to early sell-offs by airdrop recipients. Despite the rocky start, $WCT still trades below its peak, indicating ongoing market volatility.

Who does this affect?

The launch of $WCT primarily affects traders, developers, and users engaging with the WalletConnect ecosystem. Developers may find new opportunities for integration, while traders experience volatile price swings. Meanwhile, the large community of WalletConnect users could see benefits from network growth and utility as the token becomes more integrated into platform operations.

Why does this matter?

The $WCT token release impacts the broader crypto market by testing the viability of a newly tokenized ecosystem within Web3 infrastructure. Its initial volatility reflects investor skepticism about its necessity and potential market fit. The outcome of $WCT’s market performance could influence future token launches and the strategic decisions of platforms bridging traditional finance with decentralized applications.

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