The Waves crypto registers stunning price performance in two weeks while the rest of the market was in the red so let’s read more about it in today’s latest cryptocurrency news.
The Ukrainian-origin token surged 2x its price. The war between Russia and Ukraine started two weeks ago and the markets were quite fast to react. Outside of the commodities market, the unsteadiness among investors became evident and the world’s biggest stock indices dropped at a fast pace. Cryptocurrencies rushed upon a downtrend which hasn’t stopped so far this year but the international events only encouraged the crypto bears after making double-digit declines in a short period of time.
Waves crypto as a proof of stake blockchain focused on providing the infrastructure for dapps and smart contracts with fast confirmation times and surged 97% over the past few weeks, going from $11 to $24.5 a day ago. From there, It corrected slightly and hit $22.06. Waves had great popularity in 2017 when it reached the top 20 cryptocurrencies among the largest market cap ones. However, during the crypto winter, the token failed to regain its glory, and with the rise of competitors like Matic, Polkadot, and Solana but started to lose prominance and fell to a new low.
There’s no reason to explain Wave’s rise but a few factors can be listed. First of all, is the anticipation around the Waves 2.0 upgrade which promised improvements in accessibility and speed by enhancing a new version of the Waves Consensus that is based on the Practical Proof of Stake sharding. Waves even announced a $150 million fund to boost the development of applications and protocols that run on the blockchain. The Waves ecosystem was quiet with no notable developments and the fund can stimulate interest in the network while also promoting the use of the native token.
There’s the fact also that the founder of Waves, Sasha Ivanov is Ukrainian. The rise could have also been catalyzed after one of his tweets reminded the community that he was Ukrainian. The community had a strong pro-Ukrainian stance amid the war and famous figures like Gavin Wood and Vitalik Buterin, expressed solidarity with the country that benefited from up to $50 million in crypto donations.