Why is Waves (WAVES) crypto rallying?

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 Why is Waves (WAVES) crypto rallying?
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  • Waves is a multi-purpose blockchain platform that focuses on supporting a portfolio of use cases.
  • The WAVES token is available on several major crypto exchanges like Binance, Bybit, etc.
  • It returned over 15% gains in the last seven days.

The Waves (WAVES) crypto appears to be gaining investors' attention on May 9, as evidenced by the surge in its price. Its price was up over 11% on Monday morning, while its volume for the trailing 24 hours rocketed more than 82%.

Now before we discuss the probable reasons for the recent surge in the WAVES price, let's explore some details about the crypto.

Also Read: Why is Uniswap (UNI) crypto drawing attention?

What is Waves (WAVES) crypto and why it is going up?

Waves is a multi-purpose blockchain platform that supports a portfolio of use cases like decentralized applications (DApps), smart contracts, etc. The Waves platform was created by Ukrainian-born scientist Alexander Ivanov, and it was launched in June 2016.

The Waves project intends to enhance the performance of blockchain platforms by improving speed, utility, and user-friendliness. It went through several changes while adding new spin-off features since its launch.

Also Read: Why is the crypto market down?

WAVES is the native token of the Waves ecosystem. The token has an uncapped supply that the users use for standard payments like block rewards and other related activities. The WAVES token is available on crypto exchanges like Binance, Bybit, OKX, etc.

Although there is no apparent reason for the surge in WAVES price, investors and crypto enthusiasts on social media have a bullish view of the crypto. In addition, investors may be drawn to the crypto because of its low price. It reached an all-time high of US$62.36 on March 31, 2022.

However, the volatility in the crypto market is higher than in the financial markets. So, investors should exercise due diligence before considering an investment in the cryptocurrency space.

Also Read: Why is Numeraire (NMR) crypto gaining attention?

Waves (WAVES) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The WAVES crypto was priced at US$14.53 at 8:50 am ET on Monday, up 11.28%, while its volume for the trailing 24 hours soared 82.64% to US$616.39 million. It has a market cap of US$1.57 billion, and its fully-diluted market cap is over US$1.55 billion.

The token's total and current circulating supply is more than 108.21 million. It returned 15.06% gains in the last seven days.

WAVES saw the highest price of US$26.30 and the lowest price of US$11.89 in the last 30 days, according to CoinMarketCap.com.

Also Read: Why Sidus Space (SIDU) stock jumped 55% on Friday?

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