Despite founder’s conviction, why WAVES may be waving good-bye to a rally
This month was a fraught time for one alt coin community in particular. Between March and April 2022, Waves [WAVES] hit all-time-highs above $50 but since then, the price of the asset has plunged. Adding to that, Neutrino USD [USDN], a stablecoin backed by WAVES lost its stability and plunged below $0.80 before recovering again.
If that wasn’t enough drama, Waves blockchain founder Sasha Ivanov accused the crypto trading company Alameda Research of provoking users to panic-sell WAVES.
Though FTX CEO Sam Bankman-Fried – who managed his assets through the firm – disagreed, WAVES’ descent is yet to come to a stop. Here’s what the data had to say.
At press time, WAVES was the 55th biggest crypto by market cap and surfing with traders at $16.15, after losing 11.84% of its value in the last day and dropping by 15.07% in the past week.
Santiment’s weighted sentiment metric, however, showed that there were several euphoric spikes even as WAVES’ price was falling, which could have further triggered bearish momentum.
Source: Santiment
On the other hand, development activity for the project has largely stayed above 5 through most of April, despite the fall in WAVES’ price. This indicates that builders and developers likely still have faith in the WAVES blockchain and its future recovery.
Source: Santiment
While USDN has recovered from its disastrous plunge in price, it was still not quite a dollar-pegged stablecoin at press time and was trading at around $0.9626. What’s more, the stablecoin’s market cap was still trending downwards at press time. This is something that investors should keep in mind, along with the price of USDN.
Source: Santiment
On the other hand, USDN saw some formidable spikes in volume in early and mid-April, sometimes
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