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The cryptocurrency market has not been performing well since the beginning of the year. Most cryptocurrencies are in the red zone as the market continues to plunge further below the $2 trillion market cap.
Despite this performance, WAVES, a token whose origin is Ukraine, has performed quite well. It has broken out of the broader market trend to register notable gains.
WAVES token makes notable gains
The war between Russia and Ukraine has been creating panic across financial markets. The traditional financial market has declined notable, with stocks globally registering massive dips. The only market that seems to be gaining is the commodities market, especially crude oil.
However, WAVES has been gaining despite the anxiety among investors. Waves is a proof-of-stake blockchain that provides the infrastructure needed for decentralized applications (DApps) and smart contracts. The token promises high transaction processing times, which is more than anyone can say for the proof-of-work blockchains.
During the past two weeks, WAVES has gained by around 143%, according to data from CoinGecko. At the time of writing, the token was trading at $21.90, and it peaked at a monthly high of $24.45 on March 8, 2022.
This is not the first time WAVES is making a bold uptrend in the cryptocurrency market. The token became highly popular in 2017. At the time, it made massive gains that allowed it to become one of the top 20 largest cryptocurrencies by market cap.
WAVES gains at the time were disrupted by the crypto winter that happened later that year. The token has since failed to push towards new highs. By the beginning of the year, it had fallen to rank as the 76 largest cryptocurrency by market cap. At the time of writing, it was ranked as the 55th largest token, with the notable recovery attributed to the gains made. WAVES’ market cap stood at $2.19 billion at the time of writing.
Reasons behind the WAVES uptrend
Several reasons could explain why WAVES has made a major gain while the rest of the market has plunged. The first reason is that the blockchain rolled out the Waves 2.0 upgrade.
The Waves 2.0 upgrade is a development to make the blockchain highly scalable. It offers major improvements such as boosting speed, security and accessibility. The scalability has been enabled by a superior version of the Waves consensus that integrates the Practical Proof-of-Stake Sharding.
Early last month, the Waves blockchain announced securing a $150 million funding round. “Waves Labs, now headquartered in Miami, are coming back to support rapid growth across the ecosystem. $150M fund and an incubation program will soon be started for the US teams, building products on Waves. The US is a key market to drive mass adoption in 2022,” a tweet said.
This is one of the main moves made by Waves for such a long time. The launch of this fund could stir growth on the network and boost utility for the WAVES token.
The other reason why the token could be gaining is its Ukrainian origin. The founder of the Waves blockchain is Sasha Ivanov, a Ukrainian resident. The token made a bold uptrend after Ivanov announced that he was a Ukrainian citizen in a tweet.
I am from Zaporozhye, Ukraine. pic.twitter.com/NwsYRztjr0
— Sasha Ivanov 🌊 (1 ➝ 2) (@sasha35625) February 27, 2022
The cryptocurrency market has supported Ukraine during the recent invasion by Russia. Cryptocurrency donations towards the Ukrainian government and charity organizations based in the country have surpassed $50 million. Some of the popular crypto figures, including Vitalik Buterin, Ethereum’s founder, have stood with the Ukrainian people.
Currently, the Ukrainian government has provided wallet addresses for Bitcoin, Ethereum, Polkadot and Tether. The WAVES token address is yet to be provided.
To learn more about this token visit our Investing in WAVES guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.