WAVES coin has broken ranks with many other popular tokens and unleashed a monster bullish rally, gaining 207.5% over the past 14 days. Today alone the coin jumped roughly 31.85%, confirming that it is in a sustained upward trend.
At the time of writing, WAVES was trading at $28.44, with a trading range between $21.64 and $30.58.
But why is WAVES steadily rising at a time when most popular cryptocurrencies struggle to hold meaningful gains before being driven down by the broader bear market? Bitcoin, for example, traded above $42,000 yesterday and is at $39,184 today.
In this article we examine the factors behind the current WAVES price surge.
What is WAVES?
Before exploring why WAVES is rising, it helps to understand what the token is.
In short, WAVES is the native token of the WAVES blockchain platform, which supports smart contracts and decentralized applications (dApps).
Why is WAVES rising?
One factor driving WAVES higher is the public profile of its founder, who is from Ukraine. He recently tweeted: “I am from Zaporozhye, Ukraine.”
I am from Zaporozhye, Ukraine. pic.twitter.com/NwsYRztjr0
— Sasha.waves (@sasha35625) February 27, 2022
Cryptocurrency has played a major role in routing donations to Ukraine following Russia’s invasion, and the founder’s Ukrainian background has drawn attention and support from many in the crypto community who stand with Ukraine.
A second reason is the upcoming WAVES 2.0 upgrade, an improved version of the platform designed to enhance security, speed and accessibility across the WAVES ecosystem.