In this under-developed cryptocurrency market, seldom do we see fundamental analysts (FA) and technical analysists (TA) share the same opinion on any given blockchain project. So, in instances where the two do align, it is usually worthwhile investigating further.
Worldwide Asset eXchange, or – as it is more commonly referred to as – WAX, appears one such project enjoying a period of alignment between FA and TA.
As you will learn below, WAX has recently become one of the top performing blockchain projects in the space, be it from a fundamental perspective (i.e., on-chain volume) or that which concerns price. The impetus? The late-October release of the WAX blockchain (beta) and the WAX Explorer.
Crypto Project WAX Releases WAX Explorer, Beta WAX Blockchain; “Major Partnerships” to Comehttps://t.co/jR6o9H9cxL@WAX_io $WAX #AskWAX @MalcolmCasSelle @VGO_gg @OPSkinsGo @Rok_Candy #Blockchain #Gaming #Tech #Crypto #WCC2018 #ERC721 pic.twitter.com/PGoIBGP6nZ
— CryptocoinSpy.com (@CryptoCoin_Spy) October 30, 2018
BUIDL it, and they will come
According to Block’tivity, WAX ranks as clear leader among the world’s functioning public blockchains for activity – measured as the amount of operations (as distinct from transactions alone) that occur on a blockchain over the past 24 hours.
At the time of writing, the WAX blockchain has processed 5,380,270 operations. Such activity is significantly more than the second-ranked blockchain, EOS (EOS), which has processed 3,650,224 over the same period, per Block’tivity. The WAX blockchain also boasts the highest seven-day average (i.e., 4,992,203), when compared to these same projects.
In addition to on-chain metrics, Google Trends often proves a useful supplementary indicator for gauging the degree to which the public are interested in any particular blockchain project and its underlying cryptocurrency.
Consistent with the uptick in the WAX blockchain’s level of activity, the below line graph from Google Trends is suggestive of a heightened interest in WAX. In fact, the most recent data point – November 9th – represents the largest daily search interest out of any of the past ninety days.
Crypto investors rewarding hot start?
In an apparent nod to the strong technical performance of WAX’s recently launched blockchain (beta version), cryptocurrency investors have steadily been buying up WAX – the native token of the WAX platform – over the past several weeks.
In fact, of the top seventy cryptocurrencies (by market capitalization), WAX is the best performer over the past week (+42.77%) and the past thirty days (+89.36%) – according to CoinCheckup.
Looking at WAX’s price in relation to leading cryptocurrency bitcoin (BTC), the WAX token’s value of 1,943 satoshis (sats) represents its highest since July 19th.