Real-world adoption and a growing DeFi ecosystem help lift the price of WAVES to a new all-time high. Real-world adoption and the ability to service the needs of a wide range of industries are key qualities to have for blockchain projects that seek long-term viability in an increasingly crowded and evolving landscape.
One cryptocurrency project from 2016 that has seen its price breakout to new highs in May is Waves (WAVES), a multi-faceted blockchain protocol that has seen significant growth in 2021 thanks to recent strides in decentralized finance (DeFi), nonfungible tokens (NFT) and real-world adoption.
Data from Tradingview shows that after hitting a low of $12.22 on April 25, the price of Waves has swelled more than 205% to a new all-time high at $37.61, with a record $1.24 billion in 24-hour trading volume leading to a 60% spike in price on May 3.
The spark that led to the double-digit rally over the past week coincided with the announcement that Waves Enterprise had partnered with the Russian space agency Roscosmos to test a tool that utilizes blockchain technology in preventing intellectual property infringement.
Momentum for WAVES has continued to build following the Roscosmos announcement thanks in part to the ongoing promotion of the Wave EGG NFT campaign, which engages community members and allows them to do tasks to earn EGG tokens and mint unique NFTs.
DeFi on Waves has also seen significant growth as evidenced by the network’s Neutrino stablecoin protocol surpassing $1 billion in total value locked on April 29. The spike in the price of WAVES on May 3 was preceded by the May 2 tweet from the decentralized oracle provider Chainlink discussing its WAVES/USD data feeds that can easily be integrated into DeFi markets.
Additionally, social sentiment has also surged in tandem with price, according to the latest data from TheTie. In fact, the long-term sentiment score has risen from 53 to 93 in less than a week alongside a similar spike in Tweet volume.
With momentum still building due to active DeFi and NFT communities as well as real-world use cases catching the eye of governments and corporations looking to integrate distributed ledger technology, the WAVES protocol is a project to keep an eye on as blockchain adoption continues to expand into mainstream society.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||73.2%||46||$36 135.88||-3.18%||-14.06%||$684 451 522 701|
|2||ETH||Ethereum predictions||69.6%||57||$2 400.38||-2.16%||-23.69%||$286 435 196 908|
|3||USDT||Tether predictions||90.8%||1||$1.000631||0.03%||0.04%||$78 241 481 557|
|4||BNB||Binance Coin predictions||70%||65||$366.39||-3.50%||-23.34%||$60 497 344 871|
|5||USDC||USD Coin predictions||96%||1||$1.000275||0.10%||0.04%||$49 098 532 248|
|6||ADA||Cardano predictions||70.4%||63||$1.038463||-0.18%||-23.84%||$34 843 649 759|
|7||XRP||XRP predictions||75.2%||49||$0.602237||-2.97%||-19.51%||$28 748 941 627|
|8||SOL||Solana predictions||67.2%||63||$88.80||-5.61%||-35.45%||$27 969 324 271|
|9||LUNA||Terra predictions||66.8%||68||$57.44||-7.97%||-30.24%||$23 070 373 039|
|10||DOGE||Dogecoin predictions||70%||64||$0.140947||-1.81%||-14.46%||$18 699 577 603|
|11||DOT||Polkadot predictions||65.2%||69||$17.55||-5.51%||-28.73%||$17 334 714 531|
|12||AVAX||Avalanche predictions||67.6%||68||$62.58||-7.06%||-25.89%||$15 321 901 552|
|13||BUSD||Binance USD predictions||94.8%||1||$0.999044||-0.16%||-0.18%||$14 527 440 835|
|14||MATIC||Polygon predictions||66.4%||72||$1.54||-2.15%||-25.83%||$11 478 980 661|
|15||SHIB||SHIBA INU predictions||66.4%||70||$0.000021||-3.55%||-25.96%||$11 283 082 704|
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