Waves Coin Plunges to Fifteen-Month Lows

The first Friday in August proved to be a miserable one for Waves (WAVES) as the coin price tumbled 16% over the day, and sunk to a fifteen-month low last seen in May of 2017.

Coin Hits Fifteen Month Lows

The majority of Waves’ losses actually came on August 2nd, when the value plummeted from $2.31 to $1.81 over the course of twelve hours – a 21% loss. A slight rebound then occurred and carried the coin back up to $1.92, but eventually the bloodletting resumed and Waves sank back to its current price of $1.85 at the time of writing.

But during that brief window Waves hit a coin price of $1.78 – and that’s where the flashback to May 2017 occurred. The subsequent recovery spike suggests that the market considered Waves worth saving at $1.78.

Waves is currently the worst performer in the top one-hundred, being followed unwillingly by WaltonChain (WTC) and PivX (PIVX) who have each recorded losses in the range of 15-16%.

From a high point of $3.26 on July 18th, Waves has sunk in value by 46%. The figures from the spike of April-May look even worse, with 76% being chopped off the coin price of $7.93 within those three months.

Bitcoin Dominance

Over 80% of WAVES trades have come against BTC today, with Bittrex and Binance housing the majority. The Waves DEX – the native Waves decentralized exchange – is only responsible for around 12% of the $16 million daily volume, with BTC once again proving the most popular unit of exchange.

The Waves DEX recently relaunched, as covered here. Shortly after the revamp and launch, the Waves DEX shot to popularity en route to $6 million daily trade volumes. That figure has since fallen close to $2 million, and the sheen fell off the exchange somewhat when the platform was hacked shortly after the launch.

DEX Hacked

As outlined in various news sources, the Waves DEX was hacked towards late July, with attackers gaining access to user’s personal identification documents, and then using them to gain access to the exchange.

Access was soon restored by the site staff, but the attack perhaps highlighted the still unpolished nature of most decentralized setups. The Waves coin price didn’t react negatively at the time of the hack on July 24th, but remained relatively unaltered until a few days later on July 27th when it took a nosedive. A recovery was attempted, but by July 30th the decline had set in and was accelerating rapidly.

Waves launched in 2016, and was founded by Alexander Ivanov. Besides its decentralized exchange feature, it also aims to include token creation functionality in its core wallet.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.