Stemming the tide of the bear marketAs the rest of the crypto market watches what Bitcoin is gonna do next, WAVES decides to enter a sea of green.
- WAVES is up over 130% over the past five days despite the rest of the crypto market waiting to see some strength in Bitcoin. Why? Well, apart from a whale deciding to suddenly ride the wave, it might’ve been helped partly by founder Sasha Ivanov admitting a rethink is underway for its stablecoin.
- You see, Waves Protocol’s USDN stablecoin lost its peg before it was a thing. Back in April, the algorithmic stablecoin dropped to $0.83 and resulted in $200m getting wiped from its market cap. It then dropped again after Terra collapsed, falling to $0.88.
- Devs are now working to improve USDN, hoping to work on its algorithms so as to not fall down the same void as UST did. Ivanov has already distanced his stablecoin from Do Kwon’s despite the two having similar mechanisms. Investors will hope so too – last time USDN lost dollar parity, its sister token WAVES tanked 50% in a week.
Matt Paul Catalano / Unsplash
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Waves crashes ashoreAccusations that Waves is a Ponzi scheme creates a bunch of froth in the market that sends Waves’ tokens crashing on Monday.
- The WAVES-powered stablecoin USDN de-linked the peg on Monday, causing the price of the coin to drop to $0.85. It could have been a technical glitch, but Twitter was soon flooded with articles that accused Waves and the team behind it of running a major Ponzi scheme.
- The blockchain’s founder, Sasha Ivanov, said the opposite is true. He reckons Alameda Research (founded by FTX CEO Sam Bankman-Fried) has been manipulating the price to short the asset. Bankman-Fried called it a "bullshit conspiracy theory", so the drama prolly aint over yet.
- Either way, Waves is crashing. The Waves token itself drowned in declines of 25% on Monday after a few days of mounting concern, now down nearly 40% in the few short days of April after soaring 234% in March. The USDN stablecoin continues to fall, down another 24% in Tuesday morning trading to hit $0.69.
Waves froths up 255%Blockchain protocol Waves’ native token is riding a tide of bullishness all the way to the top of the crypto charts.
🔍 Key points:
- The WAVES token rallied 16% on Friday, topping off a month of v impressive gains that have seen the cryptocurrency pump an eye-watering 255% since February ‘21 thanks to a couple of exciting developments.
- The biggest is that the Waves protocol has started its migration to Waves 2.0, which aims to speed up the network and make it more secure (De-Fi hacks are all the rage these days), as well as help the platform connect to various Metaverse games. It also recently announced a $150m fund to support the growth of the new ecosystem, which always helps.
- Prices have also been boosted by its new partnership with Allbridge, which is a protocol that helps build bridges between various blockchains. The deal will provide universal bridge interaction for the Waves protocol, enabling the transfer of assets across pretty much all other blockchains.
Investors ride a tidal wave of gainsSupport for the Waves Protocol comes crashing onto shore, and prices ride the current all the way to a yearly high.
- Waves’ native token soared nearly 45% on Monday, reaching its highest levels yet for 2022 after rallying for nearly eight straight sessions and gaining over 90% in that time.
- A connection to Ukraine is one of the possible reasons behind the new momentum. The protocol was founded by Ukrainian-born scientist Alexander Ivanov (also known as Sasha Ivanov), who tweeted about his roots on Sunday – so this is one way people are showing their support.
- The Ukrainian government posted an appeal on social platforms for digital donations – a fairly unprecedented move – and it’s raised $13m in cryptocurrencies already.