Two weeks ago, Russia and Ukraine declared war. The markets quickly reacted.
The downtrend in cryptocurrencies has continued this year. After a short period of double-digit declines, international events have only encouraged cryptocurrency bears.
Every rule has an exception.
Red Times: Waves Goes to The Moon
Waves, a proof of stake blockchain that provides infrastructure for smart contracts and dapps with fast confirmation times, has seen an impressive 97% increase in the past two weeks. It went from $11.2 on February 28, 2022 to $24.45 on March 8, 20,22.
It has since corrected slightly to $22.06 at the time it was published on March 9, 2022.
The Price of Waves Weekly candelsticks. Source: Tradingview
Waves enjoyed great popularity in 2017, when it reached number 20 among cryptocurrencies with the highest market capitalization. The token’s popularity declined after the crypto-winter. It also lost its prominence due to the rise of competitors such as Polkadot and Matic. In fact, it fell to number 76 in the early part of this year.
The token climbed to 48th in the global ranking after a recovery over the past few weeks.
n Ukranian Crypto
Waves’ rise can be explained by many factors, though there is no miracle explanation.
Waves 2.0 is the first to be announced. Waves 2.0 will be an upgraded version of Waves Consensus that is based on Practical Proof-of-Stake Sharding. This upgrade promises improved accessibility, speed, security, and accessibility.
Waves also announced a $150 million fund that will be used to support the development of protocols and applications on its blockchain. Waves has been relatively quiet for a while, with few notable developments. The fund will help to stimulate interest and promote the native token of the blockchain.
Sasha Ivanov is Ukrainian and Waves founder. The token’s meteoric rise, coincidence or not, was triggered by one of his tweets reminding people that he is Ukrainian.
Throughout the conflict, the crypto community has taken a pro-Ukrainian stand. Gavin Wood and Vitalik Buterin, two of the most prominent figures in crypto, have shown solidarity with Ukraine. The country has also received more than 50,000,000 in cryptocurrency donations. This has allowed it to add new tokens, such as Polkadot or Dogecoin, to its wallet.
They might soon accept Waves, too.
Marla Brooks – Financial Analysis
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