Waves price rises 230% in just three weeks — Could a 'triple top' spoil the rally?
Waves (WAVES) continued its price rally further into this week, even as its top crypto rivals wobbled between losses and gains elsewhere in the market.
The WAVES/USD trading pair surged by nearly 75% this week to reach around $31, its best level since Oct. 28, 2021. Its rally came as a part of an upside retracement move that saw it rising by a little over 230% in three weeks.
In contrast, Waves' top rival in the smart contracts sector, Ethereum, underperformed, with its native token Ether (ETH) dropping by almost 2% in the last three weeks. Similarly, Bitcoin (BTC), the leading cryptocurrency by market capitalization, underperformed in the same period, rising by a little over 1%.
As Cointelegraph covered earlier, Waves' price rally might have surfaced in the wake of back-to-back optimistic updates, including the launch of a $150 million fund to support Waves-based decentralized application projects and the partnership with Allbridge to facilitate interoperability between Waves and other blockchains.
In addition, the period of Waves' uptrend also coincided with an increase in its inflow to Neutrino's smart contract. Notably, the supply of Waves tokens into the algorithmic stablecoin protocol increased from 43.38 million on Feb. 15 to as high as 51.80 million on March 8.
As of Thursday, Neutrino held about 47.31 million Waves tokens in its smart contract, with the total value locked coming out to be worth $1.35 billion, almost 60% of the total value locked inside the Waves ecosystem.
Notably, Neutrino enables the creation of multiple decentralized stablecoins that maintain their U.S. dollar-peg by collateralizing Waves stored in Neutrino's official smart contracts. The first such stablecoin is Neutrino USD (NUSD).
Over the past
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