WAVES is the native cryptocurrency of Waves blockchain that operates on Leased Proof-of-Stake (LPoS) consensus mechanism. It supports smart contracts, decentralized applications (dApps), and enables users to create and launch custom tokens.
WAVES has not fully recovered in 2023 after experiencing a significant price surge in early 2022. However, it recently surpassed the $2 mark, raising hopes for investors before the year ends. This has led to speculation about whether Waves is a good investment before 2024.
Price History of WAVES
The Waves crypto project was launched in 2016, along with its native cryptocurrency WAVES. Initially priced at $0.188 during its initial coin offering in April 2016, Waves traded sideways for several months before reaching a peak of around $18 by the end of 2017.
In 2018, Waves introduced smart contract functionality and established Waves Enterprise to provide tech solutions to institutions. Despite these developments, the WAVES token continued to trade sideways until it plummeted to around $1 in mid-2020.
The crypto bull run in 2021 favored Waves, pushing it to a new all-time high of $41.33 in May. However, it couldn’t sustain this upward movement and fell to $12 by the end of the same month. The following months saw extreme price fluctuations, with Waves reaching a peak of around $30 before falling to single-digit values by February 2022.
In February 2022, the Waves development team announced a major upgrade to the Practical Proof-of-Stake (PPoS) consensus mechanism with the launch of Waves 2.0. This upgrade increased positive investor sentiment and led to a new all-time high value of $62 at the end of March 2023.
Since then, Waves’ price has experienced a dramatic decline and is currently trading at slightly over $2 as of November 28, 2023. The Terra Luna crash and the long-term bearish crypto market have contributed to this prolonged downward movement.
Factors That Could Influence the Price of Waves
The overall performance of the crypto market, combined with Bitcoin’s price trend, can significantly impact the price changes of individual cryptocurrencies, including Waves. As of November 2023, Bitcoin’s positive price trend, with a 9% gain this month, could continue to push the price of Waves upward in the coming months.
In addition, network developments and future plans can also influence Waves’ price. The announcement of Waves 1.5 as a transitional release before the launch of Waves 2.0 in December 2023 has positively affected Waves’ price trend.
Is Waves a Good Investment?
Considering the current crypto market performance and ongoing network developments, Waves appears to be a good investment opportunity before 2024. The coin is currently trading at over 96% less than its all-time high value, leaving room for potential price surges if the launch of Waves 2.0 is successful. Investing at this point could lead to significant gains when Waves reaches new all-time highs in future bull markets.
However, it’s important to note that cryptocurrencies are highly volatile and unpredictable. Conduct your own research, understand the market dynamics, and only invest an amount you can afford to lose.
FAQs
What is Waves crypto?
Waves is a blockchain platform that enables the development of scalable and user-friendly decentralized applications. WAVES is the native cryptocurrency coin of the Waves blockchain.
Is Waves crypto a good investment?
Yes, Waves crypto is a good investment as the network plans to launch the Waves 1.5 transition version before Waves 2.0 in December 2023.
Is Waves crypto safe?
Yes, Waves crypto is secure since the underlying blockchain offers robust security features. The decentralized applications built on Waves blockchain are also secure.
Hot Take: Is Waves Crypto a Good Investment in 2024?
Considering the price history, ongoing network developments, and market performance, investing in Waves crypto before 2024 could be a promising opportunity. With the launch of Waves 2.0 on the horizon and potential price surges expected, there is room for significant gains. However, always conduct thorough research and assess your risk tolerance before investing in any cryptocurrency.
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