By Ollie - Cryptocurrency Dealer - 24/08/2021
The native cryptocurrency to the protocol Wax (WAXP) has witnessed a 350% increase recently. The price rise for buying WAXP comes shortly after the token was listed on significant cryptocurrency exchange platform, Binance. However, there is some speculation that the rally might come to a halt soon enough. According to sources, statistics show that since WAXP is currently 30% off its all-time high, there’s a high chance that if the currency dipped slightly many investors will bulk sell. The price to buy WAXP had risen greatly from $0.1100 to $0.4999 over the course of three days. Just yesterday, the price rallied by an impressive 170%.
Wax is a protocol with the Proof-of-Stake (PoS) consensus that provides collectable Non-Fungible Tokens (NFT) and games using blockchain technology. When the protocol’s native cryptocurrency, WAXP, was listed on Binance, the token had seen a surge in trading volumes. The price increase is likely due to investors wanting to purchase the new product early. Due to the latest rally, WAXP’s market cap had significantly risen to $800 million. To put it into perspective, the market cap had started at around $300 million before increasing to $800 million in less than a day. After the price and market capitalisation explosion, WAXP has settled to $620 million and ranked 119 on CoinMarketCap. Prior to the three-day rally, WAXP was just another obscure cryptocurrency before nearly ranking in the top 100 cryptos.