The WAVES token has outperformed the broader crypto market with a wide margin. Its price has more than doubled in the last one week. Its trading volume has also increased by over 200% in the last seven days.
At the time of writing, WAVES is trading at $18.82 with an increase of 2.5% over the past 24 hours.
The WAVES uptrend has given hope to the crypto market, especially since most of the major tokens, including bitcoin, are falling due to the Russia-Ukraine issue.
Now let’s take a deeper dive and see what the price hike is all about.
Why is the price of WAVES token rising?
Before we discuss the price movement, it is important to first explain what the WAVES token is.
The WAVES token is the native cryptocurrency of the WAVES blockchain network, an open-source blockchain that allows the use of smart contracts and decentralized apps (DApps).
The current bullish trend of the price of Waves can be attributed to three main factors. This is Binance’s announcement that it will begin accepting updates to WAVES, WAVES 2.0, and the upcoming WAVES metaverse later this month.
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Binance announcement
Binance announced that it will begin accepting WAVES tokens as collateral for its lending platform, which has been a major factor in the recent WAVES price increase. During the announcement, Binance also approved THETA, SLP, MATIC as collateral assets.
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Waves 2.0 Update
Recently, WAVES announced that they would be updating to WAVES 2.0 to enhance interoperability with other networks through support for the Ethereum Virtual Machine (EVM). The update will enable users to access digital assets across multiple mainstream networks.
Waves also announced its integration with multi-chain hub AllBridge to enable Waves connectivity with multiple EVM and non-EVM networks.
After the amalgamation, Allbridge said:
“Our goal is to create a unique bridge between Waves and supported EVMs as well as non-EVM chains, such as Near Protocol, Solana and Terra.”
In addition, the project has also established WAVES Labs, a Miami-based company, to develop products for the US market as well as launch a $150 million fund for adoption in the United States.
Token Price After WAVES Surges 100% in Seven Days: Here’s Why? The coin appeared for the first time on the journal.