WAX (WAX) is the 12th highest gainer today, according to CoinMarketCap – but it’s the top gainer if you only include coins with a 24-hour volume over $150,000. This coin has soared to be the 79th most valuable digital currency on the worldwide market, thanks to the fact that it doubled its market value overnight.
This coin has certainly flown under the radar as of late – but there are a lot of reasons that this cryptocurrency is drawing in so much trade volume today.
What is the point of the Wax coin?
WAX, which is an ERC-20 token – gets its origins from computer gaming – and it all began with an online marketplace called OPSkins. An extremely popular gaming platform called Steam began offering tradable “skins” – which change the appearance of equipment inside games – for a particular game called Team Fortress 2. Players loved the skins, and other marketplaces developed where they could buy and trade different skins – and for pretty high values.
OPSkins was the biggest one of these exchanges – where they just facilitate the trade of digital assets, like skins (which have no use in the real world).
The centralization of OPSkins was limiting the power of the platform, so the company that launched OPSkins also launched the WAX coin. It stands for “Worldwide Asset eXchange.”
Why is WAX so popular today?
The fact that this coin just got added to Bittrex has been a boon to its price tag, but it has some pretty cool technology to back it up. This currency is bringing a super popular platform into the blockchain world, and capitalizing off of its already-strong presences in the gaming community.
In fact, the marketplace is already up and running. Users can go onto the platform and buy their virtual goods – which mostly just play an aesthetic role in their game. This gun would be an exception to that:
— WAX.io (@wax_io) February 12, 2018
This coin is only going to continue to grow in value as more gamers across the globe realize that they can earn and spend WAX while interacting with a skins marketplace just like they used to.
It’s also brought some simple profit to investors who have never touched a PC game.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.