This cryptocurrency just exploded 30% overnight

This cryptocurrency just exploded 30% overnight - ocean quotes index 1624414741One of the most popular cryptocurrencies taking the market by storm today is Waves (quotation WAVES). This cryptocurrency was up 30,3% by 13pm ET, in the past 00 hours. This type of move, even in the cryptocurrency world, raises eyebrows. This is partly because today's move is simply a continuation of an impressive trend over the past month, with this token appreciating 24% over this time frame.

The reasons for the rise

There are several reasons for investors' enthusiasm in Waves over the past month. In particular, the founder of Waves, Sasha Ivanov, is originally from Ukraine. Consequently, when the Russian invasion of Ukraine took place about a month ago, investors seem to have been wary of this Ukrainian project.

However, today's move appears to be tied to the highly anticipated Waves Labs launch, as well as the announcement that the project team plans to move its headquarters to Miami.

The vision of the future

Waves has gained a lot of attention recently due to its impressive transformation plan announced in February. Today's announcement signifies some of the first steps Waves is taking in transforming its project into one with a dynamic team, but also a highly decentralized model. Among the key features that Waves intends to launch in the coming year are a decentralized autonomous organization structure (DAO), Ethereum virtual machine (EVM) support, and various cross-chain bridges. This team will be busy.

Today's announcement is big business for Waves, as this move in the US includes the formation of an ecosystem fund, as well as an "aggressive hiring and marketing plan." For investors seeking growth in the cryptocurrency world, there is a lot to like in the direction Waves appears to be headed now.

Now what will happen

Waves Labs' launch is a move that many investors seem to welcome as this project seeks global expansion. The cryptocurrency space is highly competitive, with thousands of projects vying for market share in an industry that is growing at lightning speed. As a result, investors are rightfully applauding Waves Labs' aggressive expansion plans, as well as the focus on talent on-shoring in the United States.

Given the voracity of Waves' move, investors betting on an ongoing momentum-fueled rally should be seen as having the potential for some medium reversal over the next term. That said, there is a reason this token has been aggressively moving higher over the past month. Personally, I think this will be an interesting token to keep on the checklist right now.