The recent rise of the Decentralized Finance ecosystem along with the increase of adoption has caused WAVES to soar up to a record high. The capability to provide services to a vast range of fields accompanied by real-world adoption is a must for blockchain-based projects, which look for success in an already evolving and crowded landscape.
The digital currency project that had its price skyrocketed in the month of May is the blockchain protocol called WAVES. The cryptocurrency has witnessed tremendous growth for the year mainly because of the strides made in NFT, real-world adoption, and DeFi.
According to the data provided by Trading View on the 25th of April, WAVES hit a low close to $12, but the blockchain project has soared right back up around 205% and achieving a modern record high of $37.61 with a trading volume in 24 hours of $1.24b.
Rally ignites as Real-world adoption grows
A double-digit rally set off in the previous few weeks, along with the news of Russia-based space company Roscosmos partnering up with the Waves entity to try out blockchain-based tools that prevent copyright infringement.
Following the announcement of Roscosmos, WAVES has extended its momentum because of an ongoing marketing campaign of the EGG Non Fungible Tokens. The campaign predominantly focuses on engaging the WAVES community by allowing them to mint special NFTs and EGG tokens by performing specific tasks.
The spike on the 3rd of May came just after a tweet from Chainlink, a decentralized oracle network that provides real-world data to blockchains which talked about its WAVES/US dollar (USD) data feeds, which can easily integrate with Decentralized Finance markets.
Moreover, the social sentiment around WAVES also has risen, coinciding with its price. The increase in tweet volume and score of long-term emotion has also increased to 93 from 53 within a week.
As the momentum continues to pile up because of NFT, DeFi communities and institutions are looking to merge the distributed ledger mechanism. The WAVES project is one to monitor as its mainstream appeal grows.