The war between Ukraine and Russia started just two weeks ago, and the markets were quick to react: Generally speaking, outside the commodities market, the nervousness among investors has become evident, and the world’s largest stock indices have fallen at an accelerated pace.
Also, cryptocurrencies have been accelerating a downtrend which has not stopped this year. After two-digit drops in a short time, international events have only encouraged crypto bears.
However, every rule has its exceptions.
Red Times: Waves goes to the Moon
Waves is a proof-of-stake blockchain that provides the infrastructure to smart contracts and dapps. The price of Waves has risen 97% in the past week, from $11.2 on Feb 28, 2022, to a peak at $24.45 on March 8, 2022.
It has since corrected slightly to $22.06 at the time it was published on March 9, 2022.
Waves was a popular cryptocurrency in 2017. It ranked among the top 20 cryptocurrencies by market capitalization. After the notorious crypto-winter, Waves lost much of its popularity and, with the rise in a competition like Polkadot or Matic, it began to fall to number 76 earlier this season.
The token climbed to 48th in the global ranking after a recovery over the past few weeks.
A Ukrainian Crypto
There is no miraculous reason to explain Waves’ rise, but a few factors could be listed.
Waves 2.0’s upgrade is the most anticipated. 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 can also be used. announced the fund will be used to help develop protocols and applications that run on the blockchain. It is estimated that it will cost $150 million. For a long time, the Waves ecosystem has been quiet, with no notable developments, so the fund could stimulate interest in the network and promote the use of the blockchain’s native token.
Sasha Ivanov is a Ukrainian and Waves founder. The token’s brutal rise – coincidence or not – was catalyzed after one of his tweets reminding the community that he is Ukrainian
Throughout the war, the crypto community has maintained a pro-Ukrainian position. 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.