NFT games and a tsunami in trading volume are driving Waves to a new all-time high

Nonfungible tokens (NFT) have been rewarding early investors well in recent months, especially as they have caught mainstream attention thanks to record-breaking digital art sales and well-known influencers like Paris Hilton throwing their support behind the sector.

In April, the hype behind NFTs calmed down a bit, but the recent growth of Waves (WAVES) shows that there is still a lot of excitement in the cryptocurrency community for newly released NFT projects.

WAVES / USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView show that the price of Waves rose 320% in 2021, rising from a low of $ 4.86 on Jan 4th to a new all-time high of $ 20.82 on April 9th is thanks to a record $ 883 million in 24-hour trading volume.

NFT Airdrop attracts new investors

The excitement for WAVES reached a new high today after Protocol released Duck Hunters, a game that combines NFT collectibles with income farming.

A follow-up tweet announcing the start of the first round of the Duck Hunters game stated that all participants who completed some social engagements will receive EGG immediately after round 1 ends.

The momentum for the token had been building for a few weeks prior to the Duck Hunters release, starting with the listing of a USDT WAVES market on Bittrex on March 23rd.

This was followed by the March 24 announcement that Waves Enterprise will expand into Singapore as part of its strategy of focusing more on creating hybrid networks that can be connected to public blockchains such as Ethereum (ETH).

VORTECS ™ data from Cointelegraph Markets Pro also identified an optimistic outlook for WAVES on April 8, ahead of the recent price hike.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (green) vs. WAVES price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, after staying relatively flat in the yellow zone for most of the week, the VORTECS ™ Wave Score rose to the green, peaking at 66 on April 8, approximately five hours before Price started rising 60% the next day.

The addition of NFT capabilities to the Waves ecosystem alongside the growing decentralized financial ecosystem has created a comprehensive protocol that is positioned for further growth as blockchain technology continues to integrate into mainstream trading.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Every investment and trading step is associated with risks. You should do your own research when making a decision.