Here’s Why Waves (WAVES) Is up Over 165% Since November
Waves (WAVES), a blockchain platform centered around a multi-currency wallet that features a decentralized exchange (DEX), has been on a major run since late-November, on the back of a series of significant announcements.
On November 25, WAVES bottomed out at $0.96 and has since surged over 165% to $2.57, bringing the altcoin to a $257 million market cap.
After rallying with the rest of the crypto market into early December, the project announced a major update to its mobile app, which now includes a wallet, DEX and fiat gateway, in addition to a number of security features including face ID, touch ID and fingerprint scanning. As a result, the price of WAVES surged from around $1.40 to nearly $2.40 before settling at roughly $2.14, representing a jump of more than 50%.
Waves gained further momentum after it raised $120 million for its Vostok blockchain for corporations and governments in mid-December. The Vostok system is compatible with Waves’ public blockchain and represents a universal blockchain solution for scalable digital infrastructure that is both private and capable of easy optimization.
Investor speculation was amplified when it was revealed that the Vostok network will be fueled by Vostok System Tokens (VST), which could potentially be distributed through a public sale — with 3% of the total supply airdropped to WAVES holders.
Finally, over the holiday, Waves partnered with Tradisys to release a Christmas-themed game that demonstrates the utility of Waves smart contracts in gaming. This is the first game released since Waves launched a nearly $2 million fund (1,000,000 WAVES) dedicated to building games on its network.
WAVES peaked at over $4.25 on December 20 and has been in a slight downward trend since, possibly indicating a new period of accumulation prior to the next major move. However, this might come sooner rather than later as Binance just listed several stablecoin trading pairs for WAVES on Thursday.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.