After plunging by over 90% from its 31 March high of US$54.61 to US$4.39 on 27 May 2022, Waves (WAVES) crypto is showing some signs of pullback in the last 24 hours, in-line with the overall crypto market. At the time of drafting this article, WAVES was trading at US$9.68 per token, up 109% in the last 24 hours with its trading volume surging by a whopping 1768.71% to over US$3 billion, according to CoinMarketCap.
Worth mentioning here is that in the last 24 hours, the crypto market cap has increased by 5.86% to US$1.31 trillion led by Bitcoin and Ethereum, the two biggest cryptocurrencies, which account for over 60% of the crypto market capitalisation together. In the last 24 hours, Bitcoin price has gained by over 5% to nearly the US$32k mark while ETH gained by over 6%.
Like Bitcoin and ETH, most other altcoins witnessed strong rebound today. But the recovery in WAVES crypto that we are witnessing today could be because of the announcement made by the Waves team on the USDN revival plan.
Waves Tech, the team that has developed the Waves blockchain and the operator of the WAVES token, announced a revival plan on 27 May after a massive sell-off of USDN, Waves Tech’s native algorithmic stablecoin in the Curve Finance liquidity pool. This selloff led to the de-pegging of the stablecoin from the US dollar at the beginning of last April. On top of this, the liquidity crisis at Vires Finance, a Waves-based lending protocol, also led to the selloff in WAVES crypto.
Also, the recent LUNA/UST crash worsened problems for WAVES and led to a second dollar de-pegging of USDN. These crises caused a massive drop in WAVES token over the past one month.
Suggested reading: Up over 75% in 7 days: All you need to know about TrueBit (TRU) crypto
About Waves
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Now, as part of the revival plan, the Waves team aims to restore the dollar-peg of USDN. The revival plan of Waves team…
