Today, WalletConnect Token (WCT) is attracting significant attention as whales have started making big quantities of inflow transactions to exchanges, a negative indicator for the token’s price.
GSR deposits 4 million WCT
Today, a prominent whale, recognized as crypto trading firm GSR Markets, deposited 4 million WCT tokens worth $1.61 million to Binance. This is an indicator of a profit taking intention, suggesting a bullish sentiment among early investors.
Data also shows that another 7 million WCT (worth $3.46 million) were deposited into Binance today. This is an indicator that large investors are moving their WCT tokens to exchanges, suggesting selling-related intentions.
Today, WCT recorded an 11.2% price decline, showing a bearish outlook, suggesting a potential downturn, likely due to increased token inflows to exchanges. Early investors are sitting on unrealized profits. That’s the reason they are moving millions of dollars’ worth WCT tokens to exchanges.
Despite this drop, WCT has managed to hold its value steady, implying that large investors have not yet pushed the button on their selling. It remains to see how long they will keep holding on to their profits, particularly if the asset continues to its corrections.
WCT sees surging demand
WCT, a new cryptocurrency powered by WalletConnect network, was launched on April 15. Since its debut, its trading volume rose by 1700%, exceeding $910 million within two days, an indicator of massive investor interest on the token. Its remarkable uptrend movement was supported by listings on multiple exchanges, including Bitget, Upbit, Binance, OKX, Bybit, MEXC, Bithumb, Kraken, Gate.io, and other major exchanges.
While yesterday, the asset traded at an average price of $0.40, up 27%, today its value is currently standing at $0.3945, down 11.2%. The asset has grabbed massive interest from both retail investors and whales.
Two major crypto trading firms that took notice of the WCT’s rollout were Flow Traders and GSR Markets. These two prominent crypto market makers accumulated 7.5 million WCT coins each intended for market making. GSR markets have moved 2.8 million of its acquired coins to exchanges to make sure adequate liquidity and to ascertain that the token’s trading would be seamless during early times of its listing. On the other hand, Flow Traders is still evaluating its trading systems and making small token movements to a few exchanges as part of preparation for bigger token transactions.
When big trading companies like these buy large amounts of WCT tokens, it is normally an indicator of their long-term confidence in the asset and token’s rising demand in the market.
