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Waves Crypto Leads Market Gainers Ahead of Network Turnaround Plan

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The Waves (WAVES-USD) crypto is turning heads. A leader within top-100 crypto projects, the coin is up nearly 50% on the week. This comes as the result of a robust turnaround plan put forth by the network’s founder. …

Source: Shutterstock

The Waves (WAVES-USD) crypto is turning heads. A leader within top-100 crypto projects, the coin is up nearly 50% on the week. This comes as the result of a robust turnaround plan put forth by the network’s founder. As developers look to revamp the Waves ecosystem, crypto investors are keeping a keen eye on these booming prices.

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It wasn’t long ago that WAVES prices were at an all-time high. In late-March, the coin was trading for over $60. However, since then, things have been downhill. A steep drop in early April, coupled with a steady decline since, has allowed the coin to drop below $10.

Much of this volatility is thanks to a bearish catalyst around the time of the initial, steep drop. Many investors turned against WAVES as it reached its all-time high, accusing the Waves network of being a Ponzi scheme.

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The sudden nature of the network’s all-time high was leveraged against it in this argument. Detractors said that developers were artificially pumping up the prices of the coin by buying WAVES crypto back secretly. Couple these accusations with a sagging market and you have a recipe for sizable losses. While Waves assured holders that its developers are acting in good faith, and that the volatility is attributable to a stablecoin de-pegging, the bad press still left its mark.

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WAVES Crypto Prices Soar as Developers Prepare Turnaround Plan

The Ponzi scheme accusations were effective at disrupting the Waves crypto ecosystem. To combat the volatility, Waves developers have devised a revival plan. So far, it seems to be paying off; the coin is gaining 15% so far today and it is up nearly 50% on the week.

Waves’ development team published its plan for the network on May 27 through the official Waves blog. Titled the “Waves DeFi Revival Plan,” the post showed the steps the team will take to attract users back to Waves’ DeFi platforms.

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The first aspect of the plan is to re-peg the Neutrino USD (USDN-USD) stablecoin back at a dollar. This proposal is already in place after a successful community vote and is greatly helping to right Neutrino, which now trades just below $1.

What is most interesting to investors is the second phase of this plan, which it is planning to roll out now. These next steps include locking assets, incentivizing staking and breaking up whale wallets to free up liquidity. Of course, these plans depend on proposals passing through community votes first. As investors wait to see what will pass and what won’t though, they seem to be happy with Waves’ turnaround efforts.

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On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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The post Waves Crypto Leads Market Gainers Ahead of Network Turnaround Plan appeared first on InvestorPlace.

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