Waves price has performed remarkably well over the past few weeks as investors cheer the growth of its ecosystem. It has jumped to a high of $33, which was the highest since October of last year. It's up over 330% since its lowest point in February of this year, taking its total market cap to over $3.3 billion.
Waves is an Ethereum killer that allows developers to build high-quality and scalable decentralized applications (dApps) like those found in the DeFi, gaming, and non-fungible token (NFT) industries.
Waves has a relatively small and concentrated ecosystem that has shown strong growth over the past few months. One of the largest platforms integrated into their platform is known as Neutrino, which provides a DeFi toolkit for algorithmic trading.
Neutrino offers Neutrino USD (USDN), an algorithmic stablecoin pegged to USD and backed by WAVES. As a result, Neutrino USD holders can earn up to 15% APY due to the staking opportunities offered by Waves. This is a strong APY considering most popular coins are yielding less than 10%.
Another feature of Neutrino is that it allows people to trade currency pairs (Forex) in a decentralized ecosystem. It has an exchange called Defo where people can buy and sell these assets and avoid the traditional brokers.
Therefore, Waves price has performed well over the past few months due to the success of Neutrino. During that period, the total value locked has grown to over $1.8 billion, which is about 340% up from a month ago.
Other apps in the Waves ecosystem have also done well. For example, Vires Finance has seen its TVL increase by 120% to over $928 million in the last 30 days.
Waves Price Prediction
The daily chart shows that Waves price has been in a strong uptrend for the past few weeks. As a result, the coin has managed to move above the 25-day and 50-day moving averages. Oscillators like the Relative Strength Index (RSI) and MACD are also up.
Notably, the coin's price is nearing its all-time high. Therefore, there are chances that it will retest the key resistance level at $36 and then pull back as investors start to take profits. Also, it's a bit tricky as Neutrino and Vires Finance have almost 100% market dominance.
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