Waves Coin Sinks 11.5% as Huobi Competition Sell-Off Begins

Huobi has been running a trading competition for Waves investors since September 10th which awards $30,000 worth of prizes to the trader who moved (bought and sold) the most WAVES coins over the course of the week.

The competition closes at midnight tonight, and following a five day period in which Waves was bought up across multiple exchanges the sell-off has now resumed.

Waves Price Dips on Huobi Sell-Off

The price of one WAVES coin was perched at $2.53 this time yesterday. Over the course of the day the coin price fluctuated and eventually landed at $2.24 at the time of writing. Even despite today’s fall, that still a long way up from the weekly low of $1.87. The majority of the coin’s jump throughout the week can be attributed wholly to the Huobi trading compeition.

As you can see above, the coin received a huge pump on September 10th when the trading competition began, surging 32% in the space of an hour. Now, the majority of the activity during the week didn’t all come on Huobi. However, the Huobi activity acted as a trigger for increased Waves activity across multiple exchanges. Binance in particular has been home to more Waves trading than usual over the past five days, as traders jumped aboard in anticipation of the Huobi pump.

In fact, this week has seen the most WAVES change hands in over three months, with trades peaking at $35 million worth on September 11th. Not since the market-wide sell-off of late June has Waves seen so much action.

Huobi Trading Comp Winds Up

As stated in the Huobi press release from Monday:

“From 10 September, 15:00 until 14 September, 15:00 (GMT +8), upon successful registration of this activity, the Top 30 real-name users with a cumulative WAVES trading volume (buy + sell volume excluding self-dealing) of not less than 32000 WAVES (excluding trading fee) shall receive the following rewards:”

The rewards come in the form of WAVES coins, with $30,000 being split between the top thirty most active traders across the week. Buy orders and sell orders both count in the competition, so today’s 11.5% dip could be the first sign of Waves traders selling up in anticipation of the competition closing.

As covered here on Monday, the week’s activity coincides with several newsworthy fundamentals for the Waves platform, including the launch of SIMDAQ – a trading simulator built on Waves. At the same time, smart contract functionality is being implemented in the Waves blockchain as of this very moment, with the completion date set for the next two weeks.

Perhaps a year ago these pieces of news would have registered a bigger blip on the crypto radar. But for the moment, Waves holders will have to make do with being used as a promotional tool for the Huobi exchange – which no doubt made a profit from all the Waves action over the course of this week.

Featured image courtesy of Shutterstock. 

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