This Altcoin Listed on Binance Pumped Big Before, Then Got Dumped! Here is What We Know.

According to Binance data in the last month, WCT (WalletConnect Token), which rose from $0.35 to over $1.3, experienced a sharp get dumped in the last two days, losing more than half of its value and dropping to around $0.65.

Despite this volatility, the WCT/KRW trading volume on Upbit, South Korea’s largest cryptocurrency exchange, reached 558 million dollars in the last 24 hours. This figure accounts for 35% of the global WCT trading volume. This also indicates that the drop could be sourced from South Korea.

WCT futures have reached the threshold of negative funding rates on major centralized exchanges (CEX). According to Coinglass data, the funding rate is hovering around -2% on most platforms. While the total trading volume in the last 24 hours has reached 3.4 billion dollars, the total open position size in the futures market has become 196 million dollars.

On the other hand, on-chain data revealed an important transfer that could be related to the volatility in the WCT price. On May 28, the address “0x19F…cCA67” received 2.5 million WCT from the WalletConnect project’s multi-signature wallet and transferred these tokens to Binance. The value of the transfer was recorded at approximately 2.34 million dollars. The same address had also received 2.5 million WCT during the token launch conducted a month ago at (TGE). It is claimed that this address could be linked to Arrington Capital, but it is still unclear whether the transfer was made for market-making purposes or for selling.

*It is not investment advice.

Follow our Telegram group, Twitter account, and Youtube channel immediately for exclusive news, analyses, and on-chain data! Also, start live price tracking right away by downloading our Android and IOS Apps!