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- 1 The price vs Volume charts shows a phenomenal surge in volume along with the WAXP price rise.
- 2 The WAXP token has seen a substantial 672.96% increase in trading volume, reaching $243.96 Million.
WAXE token is an essential part of the WAX blockchain ecosystem, which is designed entirely for gaming and NFTs (Non-Fungible Tokens).
In particular, WAXE operates alongside the WAXP token and is used within the WAX tokenomic model. The WAXE token can be traded for WAXP tokens, and vice versa, through a bi-directional bridge.
Similarly, when trading, WAXP tokens are held in an escrow account rather than being burned, which was a previous deflationary mechanism.
Moreover, the WAX blockchain also features a liquidity pool where participants can deposit WAXE and ETH to earn rewards.
Study Of WAX Blockchain, Which Makes It More Unique?
According to CoinMarketCap, the WAX platform embodies a bridge connecting WAXP tokens to Ethereum’s network, enabling the conversion of WAXP into WAXE, an ERC20 token on the Ethereum network.
To engage with the WAX platform’s economic model, users must first destroy their WAXP tokens to acquire WAXE via this bridge. Subsequently, these WAXE tokens are to be allocated to the Ethereum distribution contract for staking purposes.
Additionally, WAXG, a governance token also based on the Ethereum ERC-20 standard, is allocated to those who stake WAXE. The distribution schedule is predetermined and correlates with the individual’s share in the WAX Economic Activity pool. Possession of WAXG tokens empowers holders to influence the platform’s economic value distribution and allocation.
The WAX Economic Activity pool, a smart contract, gathers a portion of the accumulated WAX transaction fees. This pool can be converted into ETH and distributed among WAXE stakers or awarded to WAXG token holders who opt to eliminate their existing tokens.
Active Addresses Of 24-hours And 1-hour Of WAXP token
Active addresses refer to unique addresses of WAXP token users that participate in one or more transactions within a given timeframe. The number of distinct addresses in the WAXP token that participated in a transfer for the given asset in the past 24-hour window is 9 transactions, and the 1-hour window is 2 transactions.
This illustrates that more people are using and trading the token, which implies a higher demand and value for the token as the active addresses of the WAXP token are increasing over time. These terms highlight the short-term and long-term trends of a WAX token’s activity and its adoption.
WAXP Price And Volume Analysis
Moreover, the volume analysis shows that the WAXP cryptocurrency has received $243.96 Million in volume, which is 672.96% more than the previous day. The price vs Volume charts describe a phenomenal surge in volume along with the WAXP price rise, suggesting the continuation of the ongoing trend.
WAXP Price And WAXE Price Analysis Over Daily Chart
The WAX blockchain, both WAXP and WAXE tokens has shown massive growth, its volume and active addresses have increased massively on the chart.
The current chart of both tokens highlights an uptrend and higher high and low structure, at press time WAXP price surged by 15.28% and WAXE price has surged by 14.98%. Charts for both tokens display similar momentum levels.
Therefore, if the token price keeps ascending, it may hit the supply soon, and the next target is $140 in WAXE, and in WAXP is $0.1400.
However, if the token’s price fails to hold on to the massive surge and starts to dissipate the recently earned gains, the nearest support for WAXP would be $0.1000 and WAXE would be $100.
Summary
The WAX blockchain’s tokens, WAXP and WAXE, are experiencing significant growth. The increase in active addresses indicates a rising user engagement and potential demand for the tokens. The WAXP token has seen a 672.96% increase in trading volume, reaching $243.96 Million, which aligns with the price surge and suggests a strong market trend.
Both WAXP and WAXE prices are trending upwards, with WAXP up by 15.28% and WAXE by 14.98%. If this upward trajectory continues, WAXE could aim for a target of $140, while WAXP could target $0.1400. Conversely, if the tokens cannot sustain their gains, WAXP could find support at $0.1000 and WAXE at $100. The overall market activity for both tokens shows a momentum-backed movement, indicating a correlated market behavior.
Technical Levels
Support Levels: $100
Resistance Levels: $140
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
