With the rise of play-to-earn games and NFTs, WAX has gained tremendous popularity and momentum. Though forecasts & analysis show negative sentiments for the short-term, the future of WAXP is predicted to be bullish with healthy returns for those seeking long-term investments. David Cox guides us through today’s discussion.
The Overview of WAX Ecosystem
The worldwide asset exchange known as WAX is one of the popular virtual currencies and most used layer-1 blockchain ecosystems globally, especially for non-fungible tokens, dApps, and video games. WAX allows its investing users to create, buy, sell, and trade different items worldwide. Its launch date is 2017. Being the ‘king of the NFT market,’ WAX has successfully traded millions of NFTs from its partners. The WAX ecosystem consists of exchanges, WAX cloud wallets, games, blockchain services, marketplaces, DEX, patent portfolio, and intellectual property licensing.
The major NFT partners of WAX include Funko, Atari, Sony Funimation, Topps, Capcom, world-renowned entertainers. WAX has come forward with vIRL NFT, which is unique from other standard NFTs. With this functionality, users can hold dynamic functionality, including app/video game integrations and marketing tools. The V-commerce capability allows the vIRL NFT to link to a real-world item. The vIRL NFT is minted on an energy-efficient and carbon-neutral WAX blockchain. WAX was co-founded by William Quigley and Jonathan Yantis in 2017. Both are from OpSkin, one of the top online gaming companies. Since the inclusion of WAX, it has contributed a lot to digital commerce. Now WAX has approximately 8 million users in a month, and in terms of volume of transactions, WAX blockchain is placed on the top. With more than 15 million transactions a day, it is the most used wallet globally; compared to its competitor, WAX has 5 million accounts in use.
The major play-to-earn games such as Alien World, R-Planet, Kolobok Adventures, Prospectors are associated with WAX, and users can access many of the DApps and NFT marketplace with WAX. WAX was awarded Carbon Neutral Certification in early 2021 because it uses WAX’s Delegated Proof of Stake mechanism, which is nearly 1,25,000 times energy efficient 0.00001% of the energy of PoW chains. In 2021 WAX released a series of Carbon Offset vIRL NFTs.
Let’s have a look at our up-to-date WAX technical analysis, and later WAX price forecasts!
Features Of WAX
The WAX decentralized exchange allows the customers to purchase goods with a global token. Traders can set their marketplace in WAX, and the ecosystem will unite everyone, provide secured transactions and settlement services. The enormous liquidity of the system allows customers to buy the product at its best price. WAX smart contracts provide a structure and obligation for all participants to transact through the WAX platform. It executes on time, and activities are stored on the blockchain with almost transparency. WAX smart contracts reside on a WAX account. It has 12 characters along with a human-readable label. When one account sends transactions to another, these are handled by smart contracts residing on the target account.
Smart contracts of WAX include obligations, parameters, required actions, information structure, and an interface code. WAX developer hive, office of inspector general for providing transparency for the community,ethereum microservice for enabling interoperability with other chains for NFTs and other services. Public WAX testnet enables dApps to build applications safely before listing on the mainnet. These are the major roadmaps of the WAX ecosystem. If someone wants to list their game on a particular WAX site, the site owner will get a share of the listing fee. When a person buys the product, the site owner will get a share of the transaction fee. The peer-to-peer marketplace based on decentralized smart contracts on the blockchain eases the transaction process and provides easy settlement of the transactions. Delegated proof of stake algorithms helps to meet the huge demands of the markets.
The WAX lab is a worker proposal system of the WAX platform; it is where WAX projects have been approved after voting. Approved projects will benefit from the WAX labs fund. Guilds act as conforming nodes of the WAX platform. Guilds confirm transactions in the round-robin order. Each guild will be concentrating on one platform or game. The clean and carbon-neutral initiative of WAX is unique from other blockchains. WAX has started creating carbon offsets NFTs and partnered in climate care. Gamers need a third-party assistant for buying and selling games online. OpSkin has developed a method with all the constituents to help the gaming company earn more and expand the business with the best third-party assistance. Following are the major reasons why blockchain games are building on WAX. They need speed and the ability to scale most cost-effectively. Since WAX has a proven transaction speed, Which handles enormous transactions in a second, there won’t be any delay complaints in WAX payments.
Transaction gas fees in WAX are very cheap compared to other blockchains. Only 2% of the sales price is taken as blockchain fees. Blockchain fees are nil for minting and gifting transactions. The average user base of WAX per day is in the range of 350000 to 450000. When the audience base is high, gaming platforms are interested in tying up with WAX. Popular games such as Spinterlands and Alien World have almost 200k daily players. Data shows Bitcoin approximately consumes 120 terawatt-hours per year of energy, and most of the blockchain is doing the same, but WAX stands as an energy-efficient blockchain. By offsetting 211 tons of carbon, it claims WAX is not harmful to the environment. The W.A.S.P strategy of the WAX platform is to allow easy access to dApps and quick reach to customers.
W.A.S.P is the abbreviation of WAX blockchain + decentralized marketplace similar to Amazon + decentralized virtual item trading and generation + decentralized wallets (similar to PayPal). The microservice layer of WAX makes all the above possible smoothly and effectively, ensuring transactions’ safety. Increased demand for the NFT marketplace is one of the main reasons for the value rise in WAX, blockchain-based tools owned by WAX acquired high demand on the NFT marketplace, decentralized applications. The company has a strong stand in the NFT marketplace, which is expected to continue in the future. NFT is still considered to be at the early stage of development, so companies such as WAX, which already created a brand name on NFT, can be benefited a lot in the future. Now it remains a pioneer in the NFT marketplace and good virtual trading.
What Is WAX Coin?
The native cryptocurrency of the WAX network is known with a ticker symbol WAXP. WAXP is used for staking, voting, and payment of all the services in the WAX platform. When the investment coin is staked, it is kept aside and stored there until the user claims it. This increases the scarcity of coins. Users can reclaim the staked tokens, and it will give rewards over time. WAX considers staking as a contribution to the blockchain; unlike other tokens, WAXP can be staked without a transaction fee. WAX holders have the voting power for the governance of the ecosystem.
The WAX tokenomics model meets the monetization capabilities of DeFi. The sale prices of virtual goods are listed in the WAX token. Suppose any item is listed on other currencies; in that case, it has to be converted into WAX cryptocurrency by means of a virtual currency converting mechanism to the current value at the time of purchase. The higher the number of WAX token users holds, the higher the user’s voting power. The WAX token is used as a fee for transactions and messages but at a less amount. The WAX token has 18 decimal places. Hence, it can be used for micro-transaction settlements.
The WAX platform owns four types of accounts; three are performed by external agents and one autonomously. WAXP token can be converted into WAXE; users can burn WAXP to collect WAXE. WAXE is an ERC-20 and can also be used in Ethereum – DeFi platforms. WAXG is the governance token of the investment platform. It is also an Ethereum based ERC-20 token distributed to WAXE stakers. There are mainly three types of voting on WAX, guild voting to vote for guilds, proxy voting, worker proposal voting. DApps developers also benefit from staking their WAX tokens because it helps them reserve the system resources. WAXP is flexible since it is swapped easily. ICO has raised around 9,600,000 dollars value of WAX tokens.
Technical Analysis Of WAXP
Investors have booked some profits on digital coins last week, especially in Bitcoin; compared to the last two weeks, the first week of December shows a bullish sign for the cryptocurrency world. December 01 was a good day for Ethereum, Dogecoin, and Solana. Despite the confusion of the new pandemic variant and the fear of a market crash, the cryptocurrency market surges on December 01. Data shows the global crypto world has a 5% up on the last trading sessions. Though many digital coins faced correction after December 03. Some altcoins are still lagging behind momentum; traders are not showing interest in these coins. WAX WAXP has recently been listed in Binance; WAX price has benefitted from this listing, surges more than 204%, the rise continued till the third week of November.
The current price of WAX WAXP is around $0.49 with a market cap of $917,079,136 dollars. Circulating supply is 1.86B WAXP, 24-hour trading volume is $126,904,662 and the range of WAX price today is $0.4048 to $0.5015. The highest price at which WAX WAXP was traded is $5.01, almost 4 years ago. The all-time low of WAX price equal $0.01596, which was in 2019 as per the available data.
In August, there was a massive surge in WAX price at certain exchanges, this is due to the increased demand of NFT, and the unique services and tools of WAX have attracted the gaming companies to list their best-selling games in WAX WAXP. Historical data says WAX, after a downward trend, experienced a trend reversal and started moving upward from the beginning of October. Later, amid global cues, WAX (WAXP) also exhibited a retracement in price levels. From last week onwards, WAXP price shows a downfall with the formation of a strong bearish candle. However, after hitting a low at $0.397, the coin registered sideways trading. Later, December 06 is the sixth consecutive day of WAX price drop with sell WAX indication. However, over the last 24 hours, the currency is recovering its lost momentum.
From technical analysis data, immediate resistance is placed at $0.70, if WAXP price can break this level, it has to face the hurdle of $0.79. Major resistance is placed at $0.93 levels. If the WAX price drop continues, the WAXP price hits the support of $0.41, and investors can wait for the next support. Major support is placed at $0.39.
The on-balance volume (OBV) has initiated recovery, and candles are trading just above the lower band of the Bollinger bands. Trading volume data also does not show any strength. This means WAX might face bearish pressure.
The price chart’s technical analysis of major technical indicators shows that the relative strength index (RSI) is placed at 38, a sell sign. MACD line had a heavy fall below the signal line without showing any investment opportunity for the short term. Data shows that WAX WAXP started trading above its 20 EMA and 50 EMA from September onwards, but prices dropped below 20 EMA last week. There is a risk of breakdown based on our price forecast. Technical indicators and market sentiment for the token are negative, and there is no confirmation of an immediate price rise for the near future. However, over the last 24 hours, the coin marked significant upside movement, and hence, investing may be a good option at the current price level. Still, aggressive traders can wait to bounce back from the mentioned support levels and take an appropriate entry for the short term. Despite the current mixed price trends, traders can expect a profitable return once the coin crosses the $0.70 mark.
WAX Price Predictions From 2021-2026
2021 is a breakthrough in the history of the crypto world. Major regulatory talks are in the discussion, which can create a huge impact on the crypto market. People rush to crypto this year, which is the reason behind the surge of the crypto market cap. The future of digital coins is constantly evolving; companies are bringing up advanced technology to become a part of the race. WAX has broad application and utility; the long-term WAX forecast expects a good return in WAX WAXP price. But the price of WAX moves is highly correlated with the company’s performance, announcements, public attention, and revenue. The number of altcoins has been increasing day by day, strengthening future competition. Because of its unique characteristics, WAX has shown long-term earning potential in the WAX forecast.
WAXP Price Prediction 2021
WAXP coin price prediction for 2021 December starts at $0.70 and is estimated to reach a maximum of $0.805732. Due to the plunge of the cryptocurrency world and other reasons, the token is expected to bounce to the resistance level only. The minimum price of WAX anticipated is $0.61 as per our WAX price prediction.
WAX Price Forecast 2022
WAX forecast for 2022 is foretold to begin at $0.79, till august 2022 WAX WAXP price is hanging between $0.79 to $0.85, without any sign of future price increase, maximum predicted price of WAX is $0.85 only. This means WAX cryptocurrency cannot be considered a good investment in the near future based on our WAX price prediction.
WAX Coin Price Prediction 2023
WAX WAXP price prediction foretells a beginning at $0.94; a gradual rise is predicted. Still, nobody can guarantee the same; the year foresees a combination of rising and drop in the price of WAX. The maximum WAX WAXP price prediction for the end of the year is forecasted at $1.02, which is a good return on investment for those who invest in WAX compared to the previous year. The minimum price of WAX is expected at $0.94 beginning of the year as per our WAX price prediction.
WAX Crypto Price Prediction 2024
WAX is predicted to begin at $1.15 in 2024; the future price anticipated for the year-end is $1.4, which means an enormous increase in the price of WAX based on our analysis & WAX price prediction. While considering the three years of WAX price prediction, the value has marked a tremendous growth for the current price level. A maximum WAX price equal $1.45, and the minimum price for the year is $1.10 based on our WAX price prediction.
WAX Token Price Prediction 2025
WAX price predictions are anticipated to begin at $1.5; with a slow price increase, it will reach $1.7 within six months of the period. Wax price prediction shows it will break an all-time high this year with an increased market cap and turn into a profitable investment. Maximum WAX price predictions for the year are $1.79, and the lowest price is $1.5.
WAX Price Forecasts for 2026 & Beyond
WAXP token will be considered as a profitable investment option due to multiple factors like the huge community, strong fundamentals, integrations with other institutions, etc. Based on our WAXP price forecast, the coin value might reach new highs and hit the lowest price level of $2. The minimum price will be around $1.92. According to our analysis-based price predictions, the coin might retest its previous all-time high of $5.01 in 2030. The maximum value of the WAXP token might hit $5.9 by the end of 2030 as per our forecasts.
Frequently Asked Questions
Where to buy WAX coin?
WAX is trading at all major cryptocurrency exchanges; you can buy WAX WAXP from Binance, Crypto.com, Huobi Global, Upbit, HitBTC, Bithumb, Bitfinex, etc.
Is WAX a profitable investment for future prices?
Technical analysis and forecast data show a negative sentiment for the short-term, but future values of the coin are bullish and expected a profitable return on investment for those who invest for the long-term. The cryptocurrency world is volatile; hence, an accurate WAX forecast is not possible. It is necessary to carry out your own research before taking an entry. You can take a bit of proper investment advice considering the levels of the particular date for a better return.
Why did WAX (WAXP) go up?
WAX is one of the most used blockchains that records the highest NFT transactions. Due to the rise in adoption, gaming, and NFTs, WAXP has marked a significant hike in its volume over the last few months. As a result, the price of the WAXP tokens has increased enormously.