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- 1 WAX blockchain is focused on gaming on the Web3 ecosystem.
- 2 WAXE is an ERC20 Token that is trading at its lowest price.
The WAX blockchain has a hyperfocus on video games and virtual collectibles. This Web 3 ecosystem has been making consistent attempts to revolutionize gaming and NFTs. It provides everything a brand needs to launch a successful NFT collection. Continue reading to learn more about the WAX Blockchain and its WAXE token.
WAX Blockchain: Use cases
It is also one of the most used and transacted blockchain ecosystems in NFTs, DApps, and video games. To enhance the blockchain’s e-commerce usability, it relies on the Delegated Proof of Stake (DPoS) consensus mechanism, which is compatible with EOSIO. By combining DPoS and EOSIO compatibility, the blockchain can achieve greater speed and scalability.
Currently, the platform supports over 30,000 useful dApps and marketplaces for gaming and NFTs. The rapid development of the platform is primarily credited to the backing of the parent company, OPSkins, which was previously the leading global brand for buying and selling digital items.
It is widely believed that OPSkins has been the main driving force behind the trust that numerous high-profile gaming brands, such as Atari, Mattel, SAW, and Street Fighter, have placed in the WAX blockchain to promote their digital assets within the virtual gaming ecosystem.
Initiatives such as the Tokenomics Upgrade and Resource Improvements have set the stage for a more sustainable economic model and scalable infrastructure to support over a billion active accounts.
The WAX Side Chain Launchers streamline node and side chain deployment, facilitating rapid ecosystem adoption and protocol-level integration with EVM ecosystems.
The Cloud Wallet team is focused on enhancing the user experience through native mobile applications and Unity SDK 2.0 integration, targeting gaming console developers.
Concurrently, the Marketplace team deploys Counter-Strike 2 vStrike Marketplace, improves vIRL Marketplace, and introduces Social Marketplace features to create a vibrant and decentralized trading ecosystem.
WAXE Token
WAXE is an ERC20 Token and operates on the Ethereum platform. The ERC20 standard provides a simple set of functions that all ERC20 tokens must implement. It ensures seamless integration with other contracts, wallets, or marketplaces.
ERC20 is a set of functions that is brief and straightforward, allowing external users, such as crypto-wallet apps, to check a user’s balance and transfer funds from one user to another with appropriate authorization.
Weekly Time Frame Analysis of WAXE Coin
On a longer horizon, when the weekly time frame analysis was done, the WAXE price showed a lack of volume since the bear markets in 2022. The sellers in the market are active, WAXE crypto’s downtrend is breaking support levels consistently, and the price is now falling freely. However, if a reversal arrives, the price can start a bullish trend, and it may result in a target price of $42.7
Summary
The WAX blockchain is focused on video games and virtual collectibles. It supports over 30,000 dApps and marketplaces for gaming and NFTs. The platform is backed by OPSkins, a leading brand for buying and selling digital items. The native WAXE Token operates on Ethereum. If a reversal occurs, the price may reach a target level of $42.7.
Technical Levels
- Support Levels: $0.11
- Resistance Levels: $90.4 & $202
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or any other related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
