The markets, which survived the great collapse in the beginning of May and started to heal their wounds, finally started to show some signs of recovery. While the leading crypto assets were ‘green’, a token that evaluated the rise well managed to increase over 50% in just 7 days.
WAVES Rises to the Forefront
WAVES The token price has actually seen a big drop in the last two months. The general decline triggered after the big collapse of TerraUSD was the last factor that triggered this price drop. Similar to the LUNA, WAVES lost most of its value and fell as low as $6 from the March 31 high of $62.36.
On the other hand, there is good news for the token. The token price has increased by over 90% in the last 24 hours, allowing the token to trade at $8.73 at press time. The 24-hour trading volume of WAVES reached $3.7 billion, a massive 730% increase.
According to Defilama, total locked value (TVL) on Waves has increased by a whopping 27% in the last 24 hours. TVL is currently valued at $1.13 billion and stands out as the 10th largest blockchain by locked value.
The recent price increase was largely driven by Waves. Neutrino Protocol Stablecoin (USDN) is based on his description of the revitalization plan. On April 2, 2022, the USDN had lost its US dollar peg. The protocol noted that the free fall was recorded due to the massive sale of tokens in the USDN liquidity pool on Curve Finance.
Waves-based lending protocol Vires FinanceIt was also underlined that ‘s witnessed a major liquidity crisis. This has caused lenders to withdraw their positions. Meanwhile, Vires Finance token prices have also increased by over 8% in the last 24 hours. The token is trading at an average price of $60.
The protocol has recently submitted a proposal to remove USDN borrowing/withdrawal limits. He mentioned that this will allow users to liquidate a large USDN position without affecting the USDN depeg (losing the stable).
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.