After suffering losses for most of the trading day yesterday, the cryptocurrency market is seeing further breakthroughs today, with every coin on the top 10 cryptocurrency list by green cap. However, some coins have performed surprisingly after posting double-digit gains in the last 24 hours.
An example is WAVES, the native token of the Waves protocol, a multipurpose platform that supports multiple use cases, including decentralized applications (dApps) and smart contracts. According to CoinMarketCap, WAVES (WAVES / USD) has gained 11.72% in 24 hours to change hands at $ 32.85 (23.95 pounds) at the time of writing.
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The current price of WAVES also denotes an increase of 17.17% in the last seven days. However, the coin is still down 20.21% from its April 4 ATH of $ 41.33 (£ 30.13).
As a result of these gains, the market capitalization of WAVES has increased by 11.35% to reach $ 3,490,886,029.00 (2,545,222,458.17 pounds). This capitalization turns the token into the 47th cryptocurrency after unseating currencies such as Quant (QNT / USD) and Chart (TRB / USD). WAVES daily volume is also up 29.47%, indicating growing interest.
According to TradingVIew, WAVES technical indicators point to more gains. On the one-day chart, the oscillators are neutral, while the moving averages indicate a strong buying force.
Factors driving the WAVES rally
Since the beginning of October, Waves has been the focal point of several announcements.
For example, Vires Finance, a decentralized liquidity protocol for the Waves blockchain, revealed that its Token Generation Event (TGE) would take place on October 19. This event will see the anticipated liquidity providers claim the distributed rewards, awarded for one year in proportion to their average liquidity during the pre-launch phase of the token.
These tokens will be negotiable on waves.exchange, a development that will bring more utility to the Waves protocol.
Prior to this, Brightside Academy, an Ohio-based early childhood education provider, partnered with Waves to build its Waves Enterprise blockchain employee rewards program.
The rewards program includes tokens that the institution will use to motivate its teachers and child care specialists. The tokens can reportedly be redeemed on Amazon or in the form of gift cards and other non-cash bonuses.
Waves Ducks, a non-fungible token (NFT) game to play to win, is also contributing to WAVES earnings. According to DappRadar, the game has registered a volume of 122,490.00 dollars (89,284.80 pounds) in the last 24 hours, with transactions exceeding 127,000 dollars (92,570 pounds).
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