Ethereum-Based Wax (WAX) Hits 52% Growth During Week as Most Active Blockchain
Published Greg Thomson
Wax (WAX) chalked up 52% growth for the week leading up to November 11th, coinciding with its week-long reign as the most active blockchain, according to data provided by Blocktivity.info .
The Ethereum-based token is ranked 60th by market cap, and aims to create a gaming collectibles marketplace on the blockchain. More on Wax below… WAX/USD
The altcoin traded at a price of $0.083560 seven days ago, and despite some heavy dips managed to climb to a valuation of $0.127022 by Sunday morning, marking 52% growth. By that evening the price had settled around the $0.123 range, still leaving Wax as the strongest performer out of the top hundred in the past week.
On Sunday alone WAX volumes rose 400% from $500,000 to $2.5 million, with 82% of that figure coming from BTC trades across various exchanges. The $2.9 million worth of trades recorded on Nov 9th was the highest WAX volume seen since mid-July, nearly four months ago.
No huge fundamental developments have recently arrived for Wax, although the social media team has been very active of late, launching cash prizes for various activities by users and developers.
That flurry of activity may have something to do with Blocktivity.info’s ranking of Wax of this week’s most active blockchain. Wax Most Active Blockchain?
As you can see below, Wax has been busier than both Tron (TRX) and EOS (EOS) this week, despite all the news being about Tron’s sudden growth in transactions.
To be clear, Blocktivity takes several factors into consideration when making these rankings. They take into account ‘operations’ on the blockchain, rather than just transactions. Blockchains are also ranked by their activity in relation to their market cap, thus a small-cap coin with a lot of activity would be weighted higher. They are also ranked by activity in relation to capacity.
Given that Wax involves users creating and selling gaming collectibles, it could be feasible to assume that the flurry of activity, fuelled by seemingly daily paid contests from the Wax twitter feed, could be contributing to Blocktivity’s ranking. What is Wax?
Wax is founded by OPSkins Group Inc, the same OPSkins which Counter Strike players may remember as the site which was effectively shut down by Steam/Valve for violating their terms of service.
OPSkins involved the cash-trading of in-game items which were normally subject to a seven-day embargo period, according to Valve and Steam rules. When Valve shut down the operation by demanding the removal of their IP, OPSkins popped up on the blockchain as Wax.
On Wax, the same collectibles can be bought, sold and owned independent of a centralized authority, although they are not integratable with CS:GO, or any other Steam game.
The stated aim of Wax is to become integrated into multiple games, with the aim of becoming a hub for cross-game collectibles trading. One partnership has been lined up with upcoming game, The Forge Arena, but skepticism remains around the project, perhaps because of the five-figure prices on some of the collectibles – which at this point have no use beyond Crypto-Kitties style speculation.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies.
He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here . Best regards, Jonas Borchgrevink.
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You must be logged in to post a comment Login Leave a Reply Crypto Downturn Shows Signs of Bottoming Ahead of Pivotal Week
Published Sam Bourgi
Cryptocurrencies drifted lower on Sunday, with leading altcoins extending a recent pullback from overbought levels ahead of what’s expected to be an active week for the market. The upcoming bitcoin cash hard fork, timelines for Ethereum 2.
0 and increased federal scrutiny are likely to dominate the headlines. Market Update
A majority of cryptoassets in the top-20 reported losses on Sunday, though downside pressure was relatively subdued as investors turned their attention to the news ticker. The combined crypto market cap bottomed near $210 billion on Sunday and was last seen hovering north of $212.6 billion.
Bitcoin consolidated just above $6,400 after seeing little upside during the weekend.
Ethereum is down 0.5% at $211. Losses in XRP were contained to just 0.3% and the currency was last trading at $0.5057.
Bitcoin cash fell 3.9% to $533, as prices continued to retreat from last week’s exorbitant highs.
On the opposite side of the spectrum, Stellar Lumens booked a solid session, gaining 5.5% to $0.2739, ahead of a large airdrop of XLM tokens by crypto wallet platform Blockchain. Cardano also rose 1.
9% on Coinbase listing speculation . ADA is currently trading at $0.0765. Market-Moving Headlines
Crypto traders are keeping tabs on several high-profile developments that could influence the market’s performance in the near term.
Bitcoin Cash Hard Fork
Bitcoin cash’s keenly awaited upgrade is scheduled to take place Nov. 15, placing markets on high alert for excess volatility. While most movers and shakers are expected to back the Bitcoin ABC implementation, a contingency led by Craig Steven Wright is planning to part ways via Bitcoin SV.
As Hacked recently reported , BitPay has become the latest entity to back Bitcoin ABC.
Crypto exchanges Binance and Coinbase, which also back Bitcoin ABC, will implement mandatory downtime leading up to the hard fork. As we saw last week, BCH price volatility could influence the broader market. Ethereum Development Timeline
Ethereum’s core developers have laid out a new timeline for the much anticipated Constantinople upgrade. The timeline was communicated via meeting minutes of the latest developer meeting that took place on Friday.
Those minutes, which are available on Github , show two possible dates for the proposed implementation of Constantinople: Jan. 16, 2018 and Jan. 12. The Jan. 16 date is the one preferred by most core developers.
The core developers also provided an update on the so-called difficulty bomb , which refers to the ever increasing difficulty level of the mining algorithm used to reward miners. According to the minutes, block times will begin increasing in January, with key milestones anticipated for April at the earliest. SEC Crackdown
Crypto markets are on high alert after the founder of EtherDelta was charged by the U.
S. Securities and Exchange Commission (SEC) for operating an unregistered securities platform. Zachary Coburn, the executive in question, has agreed to pay $388,000 in penalties, disgorgement charges and prejudgement interest.
The decision rattled investor confidence because it was the first time the securities regulator took action against a decentralized exchange.
This likely stems from the sheer quantity of ERC-20 tokens currently available on EtherDelta.
The SEC has stated before that it makes no distinction between security tokens and those that claim to have a “utility” function.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade.
Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here . Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service.
Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 0 votes, average: 0.00 out of 5 ) You need to be a registered member to rate this. Loading… Sam Bourgi 4.6 stars on average, based on 660 rated posts Sam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world’s foremost cryptocurrency resources.
Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam’s work has been featured in and cited by some of the world’s leading newscasts, including Barron’s, CBOE and Forbes. Contact: [email protected] Twitter: @hsbourgi .