‘Carbonless’ Crypto WAX (WAXP) Up 12% Even as Bitcoin Loses Value

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Is Bitcoin the barometer of the cryptoverse? Although BTC has the largest share of the overall market cap, altcoins seem to be charting their own course.

Bitcoin has reduced the gains accumulated recently. After hitting nearly $32,000, BTC is back below $30,000, dropping nearly 6% in the past day. One altcoin, the WAXP token, however, seems to defy the odds. It rose sharply at a time when major assets including ETH are falling.

Let’s explore the WAX ​​ecosystem.

WAX-NFT services

WAX provides blockchain services, but with non-fungible tokens. It’s called a network of digital collectibles and video games.

The network allows developers to launch new fungible digital assets through the minting process. It also provides a gaming platform for decentralized projects. What WAX highlights is its “carbon-free” nature, with NFTs planting trees to offset the carbon. The official WAX website claims to have 12 million users for collectibles.

It also has tens of millions of transactions on its network on a daily basis. Additionally, WAX is used by tens of thousands of decentralized applications (DApps), it is claimed.

Read also: Decoding Mina crypto: What makes it the “lightest blockchain in the world”?

WAXP token

The native token of the WAX ​​network, WAXP, is used for staking, voting, and as a medium of exchange within its ecosystem. Users can stake their tokens to vote on governance proposals. NFTs available on WAX can be purchased using WAXP, it says.

WAXP token price

WAXP is listed on exchanges like KuCoin and Binance. As of this writing, it is trading near US$0.14. The price and trading volume jumped nearly 12% and 600%, respectively, in the past 24 hours.

The market cap of WAXP is over US$285 million. It is in the top 150 crypto-assets. Over 2 billion WAXP tokens are available, according to CoinMarketCap.

That said, the WAXP was trading at nearly US$0.45 on January 1 of this year. By this measure, it has lost enough value. The price trajectory remained largely in the red over the first five months of 2022.

Data provided by CoinMarketCap.com

At the end of the line

The WAX ​​blockchain can be used to mint NFTs and other digital assets. It specifically targets the NFT space, which could be one of the reasons for the recent spike in value. CryptoPunk and BAYC are two of the most popular NFT projects. A few digital assets deployed by them have sold for millions of dollars each. Only time will tell if this significant increase in the price of the WAXP token can last for long. But rising when Bitcoin and Ether fall sharply is arguably no small feat.

Read also: Why did Crypto Threshold (T) trading volume increase by 1000%?

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