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WAVES rises by 33% over hype of smart contract launch

Anirudh VK



WAVES rises by 33% over hype of smart contract launch
Source: Unsplash

WAVES saw a hike of 33% earlier today after the platform launched support for smart contracts. The coin has currently corrected and is trading at $2.44 down from a high of $2.53.

The coin, which is now ranked 36 by overall market capitalization, has had a trading volume of $11 million in the past 24 hours on exchanges Binance and Tidex, the platform’s decentralized exchange.

Waves [WAVES] 1-month price graph | Source: CoinMarketCap

Waves [WAVES] 1-month price graph | Source: CoinMarketCap

The coin has been trading between the $2.35 and $1.72 marks for the past month. It saw the first spike last month on 13th August, where it went up to $2.30 before dropping down to $1.79. It began a slow rally to $2.08 for the next 10 days and spiked up again on 25th August to $2.37.

It dropped down again on 30th August, sliding down to meet the $2 mark. It traded between $2 and $2.10 until 4rd of September, where it saw another hike up to $2.29.

However, the price could not hold the mark and slid down to $1.95 in a sharp 15% drop on 5th September. It traded below the $2 mark until today, where it saw a straight hike to $2.53, reflecting a 33% increase in under an hour.

The cryptocurrency on the platform recently received support for usage on the Ledger platform, which allows investors to store their coins in secure cold storage facilities. However, the news that is driving the current hype in the Waves community is the launch of smart contracts on the Mainnet.

Sasha Ivanov, CEO of Waves Platform, recently announced on Twitter:

“$waves smart contracts deployment to the mainnet is starting in just a week. NTC smart contracts release on the 11th, activation by the end of the month.”

The official Waves Platform Twitter also made an announcement last week, stating:

“Smart Contracts are coming to #Waves MainNet in a week, on 10 September! Look at what features they will have and what smart contracts will bring to the #WavesPlatform users really soon.”

Reportedly, smart contracts on the platform will initially include account and token controls. This will build the infrastructure for functionalities such as MultiSig wallets, atomic swaps, 2-factor authentication, and increased protection for individual coins on the network.

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.