WAVES price is making new all-time highs and approaching a market cap of $ 4 billion

Practical acceptance and the ability to meet the demands of a wide variety of industries are key qualities that blockchain projects must have. Finding long-term viability in an increasingly crowded and developing landscape.

One cryptocurrency project from 2016, the price of which hit new highs in May, is Waves (WAVES), a multi-faceted blockchain protocol that saw significant growth in 2021. Thanks to recent advances in decentralized funding (DeFi), non-fungible tokens (NFT), and real adoption.

WAVES / USDT 4 hour chart. Fountain: TradingView

Tradingview® data shows that after a low of $ 12.22 on April 25th The wave price is up more than 205% to hit a new all-time high of $ 37.61. Record $ 1.24 billion 24-hour trading volume drove prices up 60% on May 3rd.

Real world adoption leads to recovery

WAVES price is making new all-time highs and approaching a market cap of $ 4 billion
WAVES price is making new all-time highs and approaching a market cap of $ 4 billion

The spark that led to a double-digit spike last week coincided with the announcement Waves Enterprise teamed up with the Russian space agency Roscosmos to test a tool that uses blockchain technology to prevent infringement of intellectual property..

WAVES ‘momentum has continued to pick up following the announcement by Roscosmos, thanks in part to ongoing promotion for Wave’s NFT-EGG campaign.This engages community members and enables them to complete tasks to earn EGG tokens and mint unique NFTs.

Waves DeFi also saw significant growth, as can be seen from the network’s neutrino stablecoin protocol, the over $ 1 billion locked in full value on April 29th.

The WAVES price increase on May 3rd was preceded by a tweet from the decentralized oracle provider Chainlink on May 2nd where he discussed his WAVES / USD data sources, which can be easily integrated into DeFi markets.

Likewise, According to the latest data from TheTie, social sentiment has also risen with the price. In fact, the long-term sentiment score rose from 53 to 93 in less than a week, along with a similar increase in tweet volume.

Long-term mood of WAVES (light blue) versus tweet volume (blue dotted). Source: The Tie

With a momentum that continues to grow thanks to the active DeFi and NFT communities as well as real-world use cases that are attracting the attention of governments and companies looking to incorporate distributed ledger technology. The WAVES protocol is a project that needs to be watched closely as blockchain adoption continues to grow in mainstream society.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investments and operations involve risks. So do your own research when making a decision.

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