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Why is the Wax price rising?

Wax

TL;DR Breakdown

  • Wax coin price has surged by over 44%.
  • The surge might be attributed to the growing number of users on its platform.

Wax coin price has massively surged by over 44% in the last 24 hours. Yet, it remains unclear what is making the coin surge. So far, there is no big news that might be a trigger to this bullish momentum. So, the only logical explanation is the rise in the number of clients on the platform.

Currently, this token is the best gainer on Crypto.com. The coin has a market cap of $1.5 B. Its total daily exchange is around $1.3 billion. Therefore it is no secret the market is happy about the asset.

Why is the Wax price rising? 1

From the above data, it is obvious several new clients have utilized the site this month. Thus, it shows an increase in interest in the area. As a result, the overall coin’s ecosystem is growing.

The crypto and Non-Fungible token space is expanding. So, projects relating to NFTs are expected to grow in valuation. Prospects of crypto are always high in December. Therefore, it is customary to observe cryptos and NFTs surge.

What is Wax crypto?

Wax is an acronym for Worldwide Asst eXchange. It came into existence in 2017. Besides, most crypto enthusiasts consider it the most environmentally friendly blockchain. It hosts NFTs, video games, and collectibles.

The primary token on the blockchain is WAXP. It is the transactional token in the blockchain. Clients use it to purchase collectibles, video games, and Wax NFTs.

Besides hosting several Decentralized games, the digital asset lets users exchange NFTs on their platforms. Some quarters refer to it as king of NFTs. The platform has overseen considerable numbers in terms of NFT sales from serious partners. Consequently, the crypto has partners from Major League Baseball, Atari, and others.

Where to purchase Wax crypto

There are several platforms where you can purchase this digital asset. Yet, one of the most reliable ways to acquire the crypto is using the StealthEX crypto exchange. The platform supports at least 400 unique cryptos as well as fiat currencies. It also boasts of excellent exchange rates.

Another notable site is Binance. It is currently the most dominant crypto exchange platform. CoinSwitch and Huobi global are also reliable platforms to buy it.

WAXP tokenomics

So far, $1.83 billion of Wax tokens are circulating. Yet, the total supply stands at 3.8 billion. Right now, WAXP’s price is $0.86. This equals 16% of its ATH. Going by the trade volume of the past 24hours, which stands at $1.3 billion, WAXP might sustain a bullish pattern.

With $1.5 billion as the market cap, the token is the 88th cryptocurrency in the space. However, this is no surprise. The site is the King of NFTs, and as such, it benefits most from trading NFTs. Don’t forget, NFTs are a prevalent form of crypto assets.

WAXP is showing promising signs. Imagine, this is only 16% of its all-time high. The coming months might be fascinating. Therefore, enthusiasts should be glued to this project.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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