Waltonchain (WTC) is getting its tokens shuffled around before completing its token swap. Users have noticed several large transactions of the still mobile WTC tokens on the Ethereum blockchain, moving millions of tokens. Additionally, the circulating supply of WTC tokens has increased to 44 million tokens released on the free market, from around 35 million tokens in the usual circulation.
The WTC asset has a total supply of 70 million tokens. There is no set date for finishing the token swap, and the old asset is still in use. But the news of the date for release of the new blockchain may serve to boost WTC prices.
It is possible that these transactions are a release of funds from some of the biggest token holders or early investors and represent a section of funds locked for a predetermined period after the ICO. They also may be necessary for the new structure of token distribution for Waltonchain.
Speculations behind the price spike and the sudden movement of tokens also include a partnership announcement this week that may turn out to be significant. Waltonchain is one of the projects that may rely on the support of the Chinese government, along with NEO and QTUM.
The increased supply did not, in fact, create panic, and WTC had a more positive attitude in the past days. After the recent bear market, WTC prices are on the recovery, seen as still relatively underpriced. WTC prices recovered to $7.22, growing by around 12% overnight, though with a barely noticeable pickup in volumes.
Some believe Waltonchain may be preparing for new listings, most probably on Huobi. The WTC asset already trades on Binance and OKEx. Those listings give WTC an exposure to Tether (USDT) for about 16% of trading volumes, but the bulk of trades are against Bitcoin (BTC).
Now, Waltonchain is once again fighting for visibility, despite taking up projects in tagging clothes and food products for the Chinese retail sector. The project has suffered bad publicity for awarding a token airdrop to one of the team members, which was allegedly accidental, but at the time potential investors have lost faith in WTC.