True acceptance and the ability to serve a wide range of industries are key characteristics of blockchain projects that strive to survive long term in an increasingly crowded and evolving environment.
A 2016 cryptocurrency project that saw prices skyrocketing to new heights in May is Waves (WAVES), a multipurpose blockchain protocol that surged in 2021 thanks to recent developments in decentralized finance (DeFi, non-exchangeable tokens (NFT)). And adoption in the real world.
4-hour chart WAVES / USDT. Source: TradingView
Tradingview data shows that after hitting just $ 12.22 on April 25, the Waves price rose more than 205% to an all-time high of $ 37.61, with a record high of $ 1.24 billion in 24 days. trading volume. It’s time for a 60% rise in price on May 3.
Real adoption fuels the march
The spark that led to a double-digit rally last week coincided with the announcement that Waves Enterprise is partnering with Russian space agency Roscosmos to test a tool that uses blockchain technology to lock down intellectual property.
The momentum for WAVES continues to grow following the announcement by Roscosmos, thanks in part to the ongoing promotion of the Wave EGG NFT campaign, which engages community members and allows them to complete missions to earn EGG tokens and a unique NFT coin.
DeFi on Waves also saw significant growth, as evidenced by the stable Neutrino network protocol, which totaled more than $ 1 billion at the close on April 29.
The WAVES price hike kicked off on May 3 with a May 2 tweet from Chainlink, a decentralized oracle provider, discussing WAVES / USD data streams that can be easily integrated into DeFi markets.
In addition, according to the latest data from TheTie, social mood has also increased along with the price. In fact, the long-term emotional score increased from 53 to 93 in less than a week, along with a similar increase in the number of tweets.
Long-term ripple sensation (blue) compared to the size of the tweet (dotted blue). Source: Tie
With constant momentum from the active Defi and NFT communities, and real-world case studies capturing the attention of governments and companies looking to integrate distributed ledger technology, the WAVES protocol is a project to watch as blockchain continues to expand into the mainstream community.