The WAX price surged to an all-time high as demand for the digital currency rose. The currency is trading at $0.8056, which is about 30% where it was on Sunday. It has risen by more than 2,340% this year, bringing its total market capitalization to more than $1.5 billion, according to data by CoinGecko.
What is WAX Crypto?
WAX stands for the Worldwide Asset Exchange and is a fast-growing blockchain project that is in the commerce niche. The platform has more than 325k unique users every day and more than 6 million accounts. It handles about 15 million transactions per day.
WAX provides a marketplace where people can buy and sell non-fungible tokens (NFT). Developers can also build decentralized applications using its network. The platform uses what is known as a delegated proof-of-stake that makes it significantly more energy-efficient than other platforms.
The WAX token is the native coin for the network. It enables people to buy and sell items in the network. At the same time, it is used for staking and voting.
WAX price has jumped sharply in the past few weeks as interest in its platform keeps rising. Indeed, the number of people building and selling the NFTs on WAX has been in a strong upward trend lately. Some of the best-known figures selling their NFTs on WAX are Neil Leifer and chris (Simpson’s artist).
WAX price prediction
The daily chart shows that the WAX token price has made a strong bullish breakout lately. The breakout gained steam when the price moved above the upper part of the cup at $0.3415. It then continued when the coin rose above the key resistance level at $0.5030.
At the same time, its volume and momentum have been rising while the pair is being supported by the moving averages. Therefore, the WAX price will likely keep soaring as the fear of missing out (FOMO) sets in.