Waves, one of the best performing crypto in the last one month, is now the 41st largest cryptocurrency with a market value of over $3 billion. reports godbole17
Waves price rise in one month
The rally has helped the cryptocurrency make it to the list of top 50 cryptocurrencies by market value. At press time, WAVES was the 41st largest digital asset with a market capitalization of $3.35 billion. The supply of Neutrino's dollar-pegged decentralised stablecoin USDN has increased substantially in one month, perhaps putting an upward pressure on WAVES. Per Messari, generating USDN requires locking WAVES in Neutrino's smart contracts, while USDN redemptions have the opposite effect of destroying the stablecoin to unlock WAVES supply.
According to observers, there have been two sources of demand for USDN and, therefore, bullish pressures for WAVES. First, increased investor interest in staking USDN on Neutrino and other avenues, and secondly, the broader market lull. Investors typically park their money into stablecoins, which offer price stability and protection from broader market volatility during times of stress. And they may have done so over the past several weeks, as Russia's invasion of Ukraine on Feb. 24 and the-then lack of clarity about the Federal Reserve's monetary tightening plans weighed over both crypto and traditional markets.
"If you look at past EVM compatibility announcements for other chains like Kava, Cronos and Near, none of those token prices rallied 3x in the 1-2 months post-announcement like what waves cryptocurrency has done," Tan added.
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