- Waves increased 97% in two weeks amid the war between Ukraine and Russia.
- Waves founder Sasha Ivanov tweeted “I am from Zaporozhye, Ukraine.”
- The price surge is in anticipation of the Waves 2.0 upgrade.
Two weeks ago, the war between Ukraine and Russia began, pushing the cryptocurrency market into a downtrend spiral. Likewise, the world’s largest stock (Dow Jones Industrial Average) price has fallen at an accelerated pace and some investors’ nervousness have become evident.
However, Waves has surged to an impressive 97% over the past two weeks. Waves price increased from $11.2 on February 18 to a peak of $24.20 on March 09.
Interestingly, Waves launched in June 2016 but only rose to prominence in 2017. At that time, the token reached the top 20 largest market capitalization among cryptocurrencies. But, after the infamous crypto-winter, the token dropped down to rank 76. Waves failed to regain its former glory while competitors climbed back up like Polkadot and Solana.
However, according to CoinMarketCap, Waves has now shot up to rank 48 in the global ranking.
There is no unbelievable reason to explain Waves’ rise, other than the fact that its founder, Sasha Ivanov, is Ukrainian. This is a fact that he emphasized in a tweet from February 27.
Consequently, the token’s massive rise is in anticipation of the Waves 2.0 upgrade. To clarify, the upgrade is an enhanced version of Waves consensus based on practical PoS sharding, which promises improvements in accessibility, speed, and security.
The entire crypto community has a strong pro-Ukrainian view amid the war. For example, Vitalik Buterin expressed his solidarity with the country and has also provided more than $50 million in cryptocurrency donations, adding new tokens to its wallet.