WAVES token has shaken the entire crypto market by rallying over 60% in the last 24 hours. Its latest price surge has made it become the 32nd largest cryptocurrency by market cap surpassing Axie infinity (AXS) and Decentraland (MANA).
At the time of writing, WAVE is trading at $52.44, up 63.13% after hitting a high of $53.81 from a low of $32.12 in the last 24 hours. Additionally, WAVES rose from around $8.9 to above $50 in just seven days.
This article focuses on the forces behind the current surge in WAVES’ price.
Why is WAVES price rising?
Before getting into what is behind the price surge, it is important to first explain what WAVES is.
In a nutshell, WAVES is the native token of the Waves blockchain, which is a multipurpose blockchain platform that enables the use of smart contracts and the development of decentralized applications (DApps).
The main reason why the WAVES price is rallying is the recent launch of Waves Labs in the United States and news that it plans to hire experts.
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Launching of Waves Labs in the U.S
In February, Waves had announced that it will be launching a new venture, Waves Labs, as its next step for the year 2022.
In a press release, the company said that Waves Lab will represent the blockchain in the United States. It will mainly focus on supporting new projects and raising funds on the blockchain
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Hiring experts
According to verifiable reports, Waves have hired a senior leadership team with some fintech and crypto veterans like Sasha Ivanov, founder of Waves protocol, serving as the firm advisor.
Moreover, the firm is working on establishing decentralized governance that will improve its integration with other blockchains.
Waves' current bullish trend shows that there is a growing interest in altcoins including Solana (SOL) Terra (LUNA), and Cardano (ADA).