WAX (WAXP) shows optimism in the current market state when the top currencies are experiencing dips. The token has seen a huge spike of about 547.28% in trading volume in the last 24 hours.
According to CoinMarketcap’s data, WAX (WAXP) is currently trading at $0.05911, with a gain of about 2.93% in the last 24 hours. Additionally, its market cap increased in the same period by almost 3%.
It is a purpose-built blockchain that was introduced in 2017 with the goal of facilitating e-commerce transactions that are quicker, safer, and easier, particularly for trading game-related items.
The WAX Blockchain employs DPoS as its consensus algorithm and is designed to be completely compatible with EOS. It built specific features and incentive systems to maximize the blockchain’s utility in e-commerce and promote voting on guilds and proposals.
The data from CoinMarketCap shows that the token’s price is now 98% below its all-time high, which was $5.01 on December 21st, 2017, around five years ago.
However, the highest predicted price for the token, based on the token’s forecasted price, is $0.42 by the end of 2022. The token is anticipated to rebound only to the resistance level due to the collapse of the crypto market and other factors.
Key Driver Behind WAX (WAXP) Rise
On December 8th, analytical data company Dappradar released a report that showed WAX was the second-most active protocol with 382,412 average daily Unique Active Wallets (UAW), “driven by various gaming dapps on the protocol.” The token is only behind BNB Chain with 651,669 average dUAW.
This factor can be attributed to the token’s incredible growth in trading volume. However, in November, there was an average of 1.9 million UAW blockchain dapps daily, which decreased from the previous month by 5%.
This decline reveals the adaptability of this industry under challenging circumstances, whereas Solana has been affected the most due to its close proximity to FTX.
One of the burgeoning, promising sectors of Web3 is gaming blockchain technology, which has 807,457 unique active wallets each day in November.
Additionally, the token is gaining popularity, as can be observed in Dappradar’s recent Twitter poll, “Which #blockchain is the best for #web3 gaming?” Where it is evident that WAX is trailing the most used blockchain, Polygon, by 37% of the vote.