WAVES is the native cryptocurrency of Waves blockchain that works on Leased Proof-of-Stake (LPoS) consensus mechanism. It supports smart contracts, decentralized applications (dApps), and allows users to create and launch custom tokens.

WAVES has not yet been fully recovered in 2023 after witnessing an incredible price surge in the beginning of 2022. It crossed the $2 mark after several months in November and it is raising hopes of the investors before the year ends. That left crypto enthusiasts wondering if Waves is a good investment before 2024. We will find out the same in the present article.

Price History of WAVES

Waves crypto project was launched in 2016 along with its native cryptocurrency WAVES. The initial coin offering of Waves was held in April 2016 with a starting price of $0.188. Waves traded sideways for several months and then reached a peak of around $18 by the end of 2017.

Waves introduced smart contract functionality to its blockchain in 2018 and started Waves Enterprise to provide tech solutions to institutions. Even though the network developments took place, WAVES token traded sideways for several months and then plummeted to around $1 in the mid-2020.

The crypto bull run in 2021 favored the price performance of the Waves crypto. As a result, it hit a new all-time high value of $41.33 in May 2021. But, it couldn’t sustain the uptrend price movement and fell down to $12 by the end of the same month. It witnessed extreme price fluctuations in the following months and after reaching a peak of around $30, it again fell down to a single digit value by the end of Feb, 2022.

Waves developer team has always been active in bringing new and innovative applications to the blockchain. The team announced a major upgrade to Practical Proof-of-Stake (PPoS) consensus in Feb, 2022. Thus, the launch of Waves 2.0 increased the positive investor sentiment and led to the new all-time high value of a whopping $62 at the end of March 2023.

Waves price plunged dramatically after reaching its all-time high and is still trading at single digital values in 2023. The Terra Luna crash further impacted overall crypto market performance along with Waves’ price. Besides, the long-term bearish crypto market is one of the reasons for a prolonged downward price movement of Waves. However, Waves price started to follow an uptrend in the month of November 2023. It is currently trading at slightly more than $2 as of November 28, 2023.

Factors That Could Influence the Price of Waves

Market Performance

The overall crypto market performance combined with Bitcoin price trend can significantly influence the price changes of each cryptocurrency. This also includes Waves crypto. The Bitcoin price is on an uptrend as of November 2023, with 9% gain this month. The positive price trend of Bitcoin can continue to push the price of Waves in an upward direction in the following months.

Network Developments

🚀Waves 2.0 is on the horizon, but first, in December, #Waves 1.5 comes as a transitional release. Get ready for game-changing updates and new improvements!

Stake your $WAVES until Dec 1st for a chance to get a share of 100 $PWR in the new leg of the airdrop for active users!🌊 pic.twitter.com/Lop7hGkZ5W

— Waves 🌊 (@wavesprotocol) November 13, 2023

The network developments and the announcement of future plans can also influence Waves’ price. As per the official X account of Waves, Waves 1.5 is going to be released on the network as a transition to Waves 2.0 in December 2023. The announcement was made on November 13, making it clear that the positive price trend of WAVES is caused by this. WAVES price further relies on how well the transition to Waves 2.0 takes place in the upcoming days.

Is Waves a Good Investment?

Considering the crypto market performance and the ongoing network developments, Waves seems like a good time to invest before 2023. The coin is trading over 96% less than its all-time high value of $62. So, there is a lot of room for price surge if the Waves 2.0 launch becomes successful. If you invest at this point of time, you can benefit when the Waves’ price reaches its new all-time high value in the upcoming bull market.

Cryptocurrencies, including Waves crypto, are extremely volatile and follow unpredictable price movements. It is important to do your own research and understand the highs and lows before investing in it. Ensure that you research and understand the market and only invest the amount you can afford to lose.

FAQs

What is Waves crypto?

Waves is a blockchain platform that enables the development of scalable and user-friendly decentralized applications. And, WAVES is the native cryptocurrency coin of the Waves blockchain.

Is Waves crypto a good investment?

Yes, Waves crypto is a good investment as the network is planning to launch the Waves 1.5 transition version before Waves 2.0 in December 2023.

Is Waves crypto safe?

Yes, Waves crypto is secure since the underlying blockchain offers robust security features. The decentralized applications built on Waves blockchain are also secure.

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