Though the financial space saw various risk factors over the past month, Waves token managed to double its value. Today, 3 March, WAVES traded at $18.14, after a 1.85% increase over the past day. Moreover, the token remains 106.91% high within the past week, its market cap standing around $1.9 billion at this publication.
Contrarily, Waves traded at $9.02 on 2 February, less than half its price (Coinmarketcap data). That means the alternative token gained 101.1% between the mentioned dates. Moreover, Waves (WAVES), Anchor Protocol (ANC), and THORChain (RUNE) are among the top gainers in the top 100 cryptos by market cap over the past 24 hours.
About Waves
Waves is a blockchain network offering various services to users, including smart contracts and decentralized applications. The platform uses the proof-of-stake consensus and claims to boast a minimal carbon effect. Furthermore, Waves network backs non-fungible tokens (NFTs) development. The project’s official website estimates the average transaction cost at $0.018.
Why did WAVES Surged?
Most alternative tokens started upsurges as the leading altcoin, Bitcoin, noted uptrends. BTC saw a swift bounce back after the sudden fall, triggering upticks in the altcoin market. Remember, the bellwether token dropped beneath $35K from $39K last week as Russia launched a military operation in Ukraine.
However, Bitcoin registered a massive recovery towards the $45K mark. While publishing this content, Bitcoin traded at $43,209.71, following slight retracements. However, Bitcoin’s upswings catalyzed bullish action in alts, including WAVES.
On 26 February, technical analyst and swing trader Murfski observed similar patterns that emerged between June and August, noting a potential 2X increase for $WAVES with the narrative in play.
However, WAVES’ surges came after the network declared plans to form a blockchain-skeptical Metaverse. Moreover, the crypto partnered with Allbridge to support cross-chain transactions. Moreover, the 10 February announcement that the protocol began transforming to Waves 2.0 fueled interest in the digital coin.
Waves plan to implement PPOSS (practical proof-of-stake sharding) to speed up the platform and ensure high interoperability and security with EVM (Ethereum Virtua Machine). Lastly, the US-based company Waves Labs joined the partners. Notably, US developers building Waves technologies will receive an incubation period and $150 million, the US market remaining critical for massive adoption this year.
