Recently, the price of the WCT token has experienced a certain degree of fall, raising concerns among investors. However, we need to calmly analyze and distinguish whether this is a bubble burst or an undervaluation.

WalletConnect, as the core connector of the Web3 ecosystem, is undoubtedly important. It supports over 600 wallets and 60,000 decentralized applications (dApps), making it a critical component of the entire Web3 infrastructure. Without WalletConnect, the functionality of many projects would be severely limited.

The early surge in the price of WCT tokens reflects the market's expectations for it to become an 'infrastructure leader.' The current price adjustment may bring it closer to its actual value. Considering its circulation market value of only $62 million, compared to its service to a user base of 48 million, and competitors with valuations of at least $300 million, the current price of WCT does not seem overvalued.

In the future, WalletConnect has several potential growth catalysts: the Solana version has been launched, Optimism is in the process of integration, and the governance mechanism may introduce a revenue distribution model. These developments could further enhance the value of WCT.

The key issue is not whether WCT can still rise, but whether investors recognize the future development prospects of Web3 infrastructure. If the answer is affirmative, then the current WCT price may represent an investment opportunity worth exploring.

However, investors should remember that the cryptocurrency market is highly volatile, and any investment decision should be based on thorough research and individual risk tolerance.