WAVES jumps 10% after Bitfinex listing; Plunges soon afterward

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Jul 23, 2021
  • Bitfinex started accepting WAVES deposits on June 20 and trading began yesterday.
  • Bitfinex users will get to trade WAVES against the US dollar and Tether (USDT).
  • While WAVES surged after trading commenced yesterday, the coin failed to maintain its gains.

Hong Kong-based crypto exchange Bitfinex has listed WAVES, the native token of the Waves ecosystem, a multi-purpose blockchain platform that supports several use cases, including decentralized applications (dApps) and smart contracts. The exchange unveiled this news on July 20, noting that it would start accepting WAVES deposits at 10:30 AM UTC. WAVES trading then commenced yesterday at 9:00 AM UTC.

According to the announcement, WAVES trades against the US dollar (WAVES/USD) and Tether (WAVES/USDT). WAVES listing comes as Bitfinex continues expanding its crypto offering. Since the beginning of July, the exchange has managed to list seven other tokens apart from WAVES. These are NEXO (NEXO/USD), VELO (VELO/USD), Dfinity (ICP/USD), Fractal (FCL/USD), and Terra USD (UST/USD), Mirror Finance (MIR/USD), and Graph (GRT/USD).

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Following Bitfinex’s listing, WAVES’ price changed 11.1% yesterday after opening the day at $12.74 (£9.25) and trading as high as $14.60 (£10.60) before correcting downwards to close the day trading at $14.15 (£10.27). At the time of writing, WAVES is down 2.02% over the past 24 hours to change hands at $14.29 (£10.38).

The last 24 hours have also seen the coin’s volume plunge 38.66% to hit $136,795,690.00 (£99,328,034.49). WAVES is currently the 53rd largest cryptocurrency by capitalization with a market cap of $1,507,979,896.00 (£1,094,951,742.39) and 105,706,048 tokens in circulation.

Tapping into NFTs to improve WAVES price performance

With the current low yield levels in cryptocurrencies, crypto adopters are increasingly entering the NFT space with hopes of securing higher yields. While WAVES is currently trading sideways, it has an NFT game dubbed Waves Ducks, which can potentially raise the token’s price. The game involves players collecting and breeding digital ducks.

Although a game does not seem a powerful approach to attract more uses to the Waves ecosystem, it is worth noting that Axie Infinity, a blockchain-based play-to-earn game, has been performing exceptionally well. The platform’s native token, AXS, is up 32.77% over the past 24 hours as the game’s player base continues expanding rapidly.

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