Waves token (WAVES) has experienced a massive surge in price over the past one month as it recently raised funds for its Vostok project
WAVES growth continues
The blockchain project which has a large community of Russian supporters has experienced massive growth in price over the past few weeks as the platform begins hosting prominent projects. Over the past 24 hours, the token has surged by 26 percent and now trades close to the USD 4.50 mark, with the trading volume now surpassing the USD 145 million mark.
The recent surge in the price of the token came following news yesterday that it has raised a significant amount of money for the Vostok project. Waves is designing this project with the aim of delivering enterprise-grade blockchain solutions. The crypto firm revealed that the project will be compatible with the Waves ecosystem though it wouldn’t make use of the public blockchain. They added that the project has been able to raise USD 120 million from private investors.
Earlier reports indicate that London-based financial services firm Dolfin led this latest round of investment. Waves has been working on the Vostok project since the start of the year and they are looking to launch it early next year and will target the European and Asian markets at the initial launch stage.
The development team at Waves commenting on this latest development stated that “The project will not only benefit the market position of our growing Waves ecosystem as it uses the Waves-NG protocol but also our loyal community will also gain financially through a planned airdrop of 3% of the overall supply of Vostok System Tokens (VST).”
Denis Nagy, CEO of Dolfin meanwhile stated that attracting private funding in the blockchain industry is “often problematic due to the lack of financial infrastructure.” He noted that Waves followed a funding model that is familiar with private equity investors which was the reason behind their success.
Waves is a blockchain platform that was launched back in 2016 and enables users to develop their own custom token. The blockchain is expected to become the fastest in the world, with some reports claiming that it is already faster than Bitcoin and Ethereum and it is able to process 6.1 million transactions daily at its peak.
Recovery of Bitcoin helped WAVES growth
The price of the leading cryptocurrency has surpassed the USD 3,800 mark and some have attributed the rise of WAVES to the recovery embarked by Bitcoin. Most of the trading volume for WAVES token is found on Binance which enables concerted trading action. The growth of WAVES against BTC has been significant and has surpassed 300 percent over the past month. Against the USD, WAVES has recorded gains above 100 percent during that time frame.
There are some market analysts who believe that the recent rise in the price of the token will soon lead to a crash. The token still has a large community, thus it has a lot of support and uses. The cryptocurrency frictionless exchange and token trading through its wallet and there are hopes that it will reach the levels of Ethereum one day.