Waves Price Surges 50% While Broader Crypto Market Stagnates

Waves, a token platform with the web developer generation in mind, has seen its base token rise nearly 50 percent over the last 24 hours amid a generally-stagnant crypto market, making analysts scratch their heads – what could be driving this?

Waves/USD | Binance | Source: TradingView

Aside from the normal hustle and flow of cryptocurrencies gaining wider adoption, we think we might have found the answer to increased demand for Waves -- their updated mobile wallet, which now enables credit card purchase of Waves that can then be exchanged across the mobile exchange for Bitcoin and a host of other cryptos.

Source: Author on Android (ZenFone V)

The app currently has more than 100,000 installs in Google Play. As they wrote in their blog on the subject:

"Open the app and you’ll find the most popular features of the desktop client at your fingertips. This isn’t just a wallet by any means. You can trade on DEX, with the great tools and charts you’ve come to expect but with the convenience of mobile. There’s also access to fiat and crypto gateways, so you can deposit, store, trade and withdraw other assets. We’ve incorporated the most popular digital asset management tools from the platform, so you can send tokens to your address book contacts, lease your WAVES, receive warnings about suspicious tokens and burn any spam assets you don’t want."

Source: Author on Android (ZenFone V)

Unfortunately for US users, you won’t be able to get into the crypto market using a credit card through this app. Coinbase still seems to be the best option for that. Waves Wallet uses Indacoin, which doesn’t support US customers.

Source: Author on Android (ZenFone V)

Like Ethereum, the factors that drive demand for Waves have to do with the tokens on the platform. It has a few successful ones, and a number more in the works. One of its better known and higher volume tokens is MobileGO, which trades higher against Waves than it does against most other currencies.

Source: Coinmarketcap.com

MobileGO is a token used in various mobile games. It can be used both ways – to pay for in-game items and to cash them out. NEO founder Da Feng believes that gaming will be the first aspect of blockchain mass adoption, and the relative success of the MGO token supports the theory.

Whatever the case, Waves is a winner today while much of the market seems stagnant or worse, single-digit gains in the top 10 being celebrated whilst some of the weaker see mild losses.

Featured Image from Shutterstock

Last modified (UTC): December 4, 2018 6:25 PM

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P. H. Madore @bitillionaire

P. H. Madore has written for CCN since 2014. Please send breaking news tips or requests for investigation to bitillionaire+phm@gmail.com. He lives in Maine, USA. A single father of four young children, he does not discourage financial donations, provided they do not come with strings attached.

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