WatBird’s WatCoin ($WAT) made its official entry into major exchange trading on September 23, when it was listed on Bitget. However, shortly after its launch, the price of $WAT experienced a 21% decline within the first 24 hours.
The token started trading at $0.001019, and within a few hours, it had a trading volume of $6.5 million. As of today, the price has dropped to $0.00079.
WatCoin is a part of the gaming ecosystem on The Open Network (TON) blockchain, which has over 80 million users. It is supported by major crypto entities such as Animoca Brands, Binance Labs, Pantera, and TON Ventures. During the WATCoin Launchpool event on Bitget, users were able to lock popular assets like Bitcoin (BTC), Ethereum (ETH), and Mocacoin (MOCA) to receive shares of 1.57 billion WAT tokens during the promotional period.
Although the initial price drop may worry some investors, it is not uncommon for new tokens to experience volatility shortly after being listed.
When comparing WatCoin’s launch performance to similar tokens like DOGS and CATI, it follows a similar pattern. The initial listing price for all three tokens was around $0.001019.
DOGS token, which also launched on a major exchange, has shown more price stability compared to WatCoin. It did not experience the same sharp decline in its early trading days.
On the other hand, CATI, another TON-based token, launched just a few days before WatCoin and experienced similar market volatility. Both tokens saw rapid spikes followed by significant declines, suggesting that early investors may have been looking for short-term gains and quickly sold off their holdings.