Wax (WAXP), one of the new blockchain projects included in the market in 2017, stands out with its potential to be used in many different areas. This project, which focuses primarily on e-commerce, also aims to be used in shopping within the gaming industry. The project’s developers, which will provide the connection between the metaverse world and real-life with this Wax (WAXP), draw attention to the fact that the ecosystem is suitable for use in all areas.
Wax (WAXP) is a platform that aims to provide a secure and fast infrastructure, especially for trading certain products. Transactions performed on the ecosystem are verified with the proof-of-stake method. WAXP is also fully compatible with EOS.
The project focuses not only on e-commerce but also on decentralized applications. The developers aim to reveal a new understanding of trade with decentralized applications and Wax (WAXP) infrastructure. This project, which wants to create a fast and understandable ecosystem suitable for use in daily life, manages to attract the attention of many investors with these goals.
The ecosystem also includes certain features that can provide advantages in e-commerce, including the NFT market. The ecosystem, which has a wallet application called Wax Cloud Wallet, aims to make quick shopping on e-commerce sites through this wallet. In the algorithm aiming to perform transactions in 500 milliseconds, the purchasing party does not pay a gas fee.
Powered By Ethereum (ETH): Wax (WAXP)
The Wax (WAXP) project is being developed by William Quigley and Jonathan Yantis. Quigley has provided most of the financing needed for the project. Likewise, it is stated that the developers are in talks with many investors to get further investment.
The Wax (WAXP) project allows users to convert their tokens within the ecosystem into a WAX token, an Ethereum-based ERC-20 token. This transaction, which its users must perform to have a say in decentralized management, ensures the financial stability of the WAXP. Likewise, thanks to a special algorithm in the system, a certain amount of commission is received from the transactions within the ecosystem. This fee is given to investors who do staking via ETH. Aiming to create a dynamic market ecosystem, this project also offers a profitable staking opportunity for long-term investors.
Wax (WAXP) project managed to attract investors with a very effective and intense marketing campaign during the period when it was included in the market. However, it has been noticed that the developers have not been active enough lately, and an aggressive marketing campaign has not been maintained as in the beginning. In particular, this situation which attracted some adverse reactions from stake investors, damages the trust in the project.
What Awaits Wax (WAXP) In the Future?
When the price performance of the last year is analyzed, it is possible to say that the Wax (WAXP) token has been in a bearish trend for a long time. Especially with the general contraction in the crypto money markets, it can be seen that WAXP investors are in a selling trend. In the last year’s charts, the token, which fell to the lowest value of $0.07892, remained below the one-dollar band with a value of $0.9814 at the one-year peak.
Wax (WAXP), which carries clear graphics that the bearish trend continues, has fallen to $0.08225 last month. After this period, it started to recover and rose to $0.2869, but its current value is around $0.13.
The fact that the coin is in a bearish trend also causes the market capacity to decrease. In particular, this value, which is on the decline due to investor insecurity, hovers at around 260 – 270 million dollars on average. Likewise, the coin’s daily trading volume is in a serious downtrend. Its daily volume, which averages between 20 and 30 million dollars, is almost half the value of similar projects.
WAXP has a very sensitive support point due to recent price movements and investor trends. If the downtrend continues, the support point at $0.13 will likely be broken in the short term. Considering this trend, it seems like it will take time to reach the initial resistance level of $0.20. If the distrust continues, the bearish trend is expected to continue intensifying.
Wax (WAXP) carries significant risks for day traders. It is seen as a less preferred token for day trading due to its bearish trend and gradually decreasing trading volume.