Record network activity and a second NFT boom send WAX price higher
July 21, 2021. Summarized by summa-bot.
Compression ratio: 18.9%. 1 min read.
WAXP price appears to be gaining strength after the NFT-focused project introduced staking, yield farming and partnerships with companies that offer pop culture collectibles.
Data from Cointelegraph Markets Pro and TradingView shows that between June 27 and July 9, the price of WAX's WAXP token climbed 70% to a high of $0. 151 before the Bitcoin-led sell-off pulled the price to its current value of $0. 11.
Three reasons for the rally in WAXP include the growing list of well-known brands launching collectibles on the project's blockchain, an active network with fast transaction times and its integration to decentralized finance via cross-chain compatibility with the Ethereum (ETH) network.
Popular collectibles like baseball cards and Garbage Pail Kids, along with more modern games like Alien Worlds (TLM) offer users a variety of options that help attract a wide audience to the WAX network and this has resulted in an increase in on-chain activity.