WAVES token has outperformed the broad crypto market with a wide margin. Its value has more than doubled over the past week. Its trading volume has also surged by more than 200% over the past seven days.
At the time of writing, WAVES is trading at $18.82 up 2.5% in the last 24 hours.
WAVES uptrend has given hope to the crypto market especially since a majority of major tokens including Bitcoin are plummeting due to the Russia-Ukraine issue.
Let’s now take a deep dive and see what the price rise is all about.
Why is the price of WAVES token rising?
Before we discuss the price movement, it is important to first explain what WAVES token is.
WAVES token is the native cryptocurrency of the WAVES blockchain network, which is an open-source blockchain that allows the use of Smart Contracts and decentralized apps (DApps).
Three main factors can be attributed to the current bullish trend of WAVES’ price. These are Binance announcement that it shall start accepting WAVES, the update of WAVES 2.0, and the upcoming WAVES metaverse later this month.
Binance announcement that it will start accepting WAVES tokens as collateral for its loan platform has been a major factor in the recent WAVES price surge. During the announcement, Binance also approved THETA, SLP, MATIC as collateral assets.
WAVES 2.0 update
Recently, WAVES had announced that they will update WAVES 2.0 to enhance interoperability with other networks through the support of Ethereum Virtual Machine (EVM). The update shall also enable users to access digital assets on several mainstream networks.
WAVES also announced their integration with multi-chain hub Allbridge to enable WAVES connectivity with several EVM and non-EVM networks.
After the integration, Allbridge said:
‘’Our goal is to create a unique bridge between Waves and supported EVM 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 U.S market as well as launch a $150 million fund for its adoption in the United States.
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