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Updated August 24th, 2021 at 12:33 IST

WAXP Price Prediction: Why is Waxp going up? All you need to know about WAXP

After being listed on the Binance cryptocurrency exchange, the price of WAXP went extremely high to a 170% rally yesterday. The price has dropped by 30%.

Reported by: Aayush Anandan
waxp price prediction
Image: Pixabay | Image:self
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After being listed on the Binance cryptocurrency exchange, the price of WAXP went extremely high to a 170% rally yesterday. The peak may not last for long as the WAXP has already dropped 30% off the highs. If the price drops any further, the sale of shares would increase dramatically. Wax's (WAXP) price per share increased from $0.1100 to $0.4999 in a matter of three trading days. After this, the news broke out that the Wax currency was being listed on the currency exchange Binance.

The crazy flow chart of the WAXP's listing

Wax is a video currency for online collectables, video games and Non-Fungible Tokens. The cryptocurrency is taking the Binance market to the extreme. WAXP saw a monstrous rise in the trades as soon as it was listed. It became the market’s most sought-after investment as its market cap increased from $314 Million to almost $800m in a quarter of a day. As of today, the WAXP price has reduced after the early onrush of investors softened. The market cap is at a moderately high level of $620m. Due to this, the crypto company has become the 119th-largest cryptocurrency. Even though the sudden rise is attractive to the investors, such dramatic rises are not sustainable in the long term and when the trend reverses, the decision to invest could massively backfire as well.

It is hard to predict that the price will not go higher, but the significantly high price suggests that it will be coming down first. The chart over the next few days may defy logic for the most part. Despite the price being dropped almost 30% in a day, the relative price is still at 78%, which is significantly higher than the base price. Therefore, it comes down to calculated risk at the end of the day.  

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Published August 24th, 2021 at 12:32 IST

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