- The recent gains had WAVES overcoming GRT and QNT, ranking 47 by market capitalization.
- WAVES parameters show that the coin will sustain extended bullish.
- An NFT play-to-earn game Waves Ducks, is among the elements contributing to the alt’s positive actions.
The top ten digital currencies lead the financial market today after yesterday’s downside actions. Some tokens recorded impressive moves surging by double-digits in the past 24 hours. One of the tokens that outperformed is WAVES, the native currency by Waves Protocol, which supports multiple functionalities, including smart contracts and decentralized applications. While writing this article, WAVES (WAVES/USD) trades at $32.28 after gaining over 11% in 24 hours (Coinmarketcap.com data).
The altcoin’s current price reflects a 17% surge in seven days. Though the positivity, WAVES still trades 20% low from its peak high at $41.32 on 4 April. However, the recent upside price movements had the token’s market capitalization hit $3,490,887,069, an 11.3% increase.
With that, WAVES overtook Graph (GRT/USD) and Quant (QNT), securing the 47th spot in the market cap. WAVES saw its trading volume surging by 29.2%, suggesting growing interest. Meanwhile, TradingView stated that the alt’s technicals suggest bullishness. According to the 1-day price chart, the Moving Averages display massive buying momentum, while the Oscillators remain neutral.
Why is WAVES Rallying
WAVES has seen multiple announcements since the initial October sessions. For instance, a Waves decentralized liquidity network Vires Finance declared scheduling its TGE (token generation events) on 19 October. The event will bring the one-year rewards for early liquidity providers, distributed according to their liquidity before the launch. Users can trade these tokens on waves exchange designed to increase Waves protocol’s use cases.
Before this, Waves partnered with an education facility based in Ohio Brightside Academy. The school wanted to incorporate its employee reward program on Waves blockchain. The rewards include tokens that Brightside will utilize to motivate child care specialists and teachers.
Also, holders can redeem the tokens on Amazon or in non-monetary promotions. Meanwhile, a play-to-earn game, Waves Ducks, contributes to the asset’s upswing. Dapp Radar reports that the game’s volume in the past 24 hours is at $122,490.
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