'Russian Ethereum' Skyrockets 75% As Bitcoin-Led Crypto Market Recovers

Waves (WAVES), which is popularly known as “Russian Ethereum” soared nearly 75% over 24 hours leading up to early Tuesday morning.

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The WAVES Factors

• Waves was trending among retail investors on Stocktwits at press time. The coin was also the top trending on the price-tracking website CoinMarketCap.
• Waves' 24-hour trading volume spiked 1861.37% to $3.79 billion, according to data from CoinMarketCap.
• Over $12.6 million worth of WAVES were liquidated at press time over 24 hours as the price of the token shot up, according to Coinglass.

Waves Soars Among Wider Crypto Recovery

On Monday evening, major cryptocurrencies traded in the green along with several altcoins, which saw strong gains.

Axie Infinity (AXS), a token related to a blockchain-based game, shot up 28.1% to $25.06, while Cardano (ADA), an Ethereum competitor, jumped 24.5% to $0.65.

Cryptocurrency trader Justin Bennett said that the apex coin is about to play “catch up” with gains seen in stocks last week.

Waves DeFi Master Plan

Waves released its DeFi Master Revival plan over the weekend. The plan addressed the recent de-pegging of the Neutrino Protocol Stablecoin (USDN) from the U.S. dollar in the wake of the Terra Classic (LUNC) and TerraClassicUSD (USTC) collapse. 

The plan encompasses buying and locking CRV tokens with 45% of the WAVES staking profits from Neutrino to improve USDN. Additional measures mentioned are the liquidation of large accounts and improvements to Neutrino’s architecture. 

Supercar Giveaway Buzz

Waves creator Sasha Ivanov shared a post by its exchange about a “Lambo” giveaway. Investors who participate in an algo-trading investment product launched by the Waves Exchange would be registered to participate in the contest. The giveaway will run for nearly 90 days beginning May 30.

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