Waves (Waves) crypto’s volume just soared over 700%. Here’s why

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Waves (Waves) crypto’s volume just soared over 700%. Here’s why

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 Waves (Waves) crypto’s volume just soared over 700%. Here’s why
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Highlights

  • Waves (WAVES) crypto is primarily a community-based decentralised open-source platform which aims to build scalable and user-friendly apps.
  • The Waves crypto on 22 June witnessed gains of 34.73%, along with a volume spike of 767.45% at the time of writing (7:00 AM GMT +1), according to CoinMarketCap. 
  • The Waves crypto on Wednesday was trading at US$6.61 with a 24-hour trading volume of $1,91,05,56,685, according to CoinMarketCap.

Waves (WAVES) crypto is primarily a community-based decentralised open-source platform which aims to build scalable and user-friendly apps. By using extensive programming mechanism tools, the Waves crypto allows its users to not just seamlessly create but also trade in them through its platform with the help of scripts. 

Waves crypto utilises a variation of the Proof-of-Stake (PoS) consensus known as the Leased Proof-of-Stake (LPoS) method that allows the nodes to lock the tokens and add other blocks to the blockchain. Due to the LPoS mechanism, the Waves crypto is not only able to offer seamless services at reduced costs but also at a greater transaction speed. 

The Waves crypto on 22 June witnessed gains of 34.73%, along with a volume spike of 767.45% at the time of writing (7:00 AM GMT +1), according to CoinMarketCap. 

Related read: Experts predict Bitcoin’s healthy rally. What’s in store?

What is making Waves crypto rally? 

Although the exact reason for the Waves crypto’s surge is hard to establish, it may be due to the announcement of the protocol offering yield farming opportunities to its users. With its Neutrino protocol offering, its users will be able to create stablecoins, whose value will be pegged to other cryptos or similar assets.

According to the announcement, the Neutrino protocol will come with one side staking facility, which would shield users against market volatility. They can also generate yields by leveraging the staking reward system from the Waves Monetary policy and LPoS consensus algorithm. 

According to the chart, the RSI of the Waves crypto stood at 49.00 during the intraday trading session on 22 June. 

Image credit: Trading View

The MACD line, which was above the signal line earlier this month, was seen merging with the signal line on Wednesday. 

Waves crypto’s price performance

The Waves crypto on Wednesday was trading at US$6.61 with a 24-hour trading volume of $1,91,05,56,685, according to CoinMarketCap. The Waves crypto boasted a live market cap of US$71,82,60,796 with a circulating supply of 10,85,96,974 WAVES coins. 

Related read: How long will Vectorspace AI (VXV) crypto’s current bearish phase last?

The token has, in fact, been enjoying a good run over the past week or so, registering gains of over 44.4%, according to CoinGecko. Today’s gain may be the result of continued momentum, both in volume and price, and its investors will be hoping for an extended run. 

While the rally is heartening, the market participants must realise that when it comes to cryptocurrencies, it’s essential that they remain vigilant and careful of entering the market after a complete understanding of it. Especially in a volatile market situation where the prices of cryptos can change at any given time, any decision taken without it may lead to losses. 

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