Investors in Shiba Inu benefited from jaw-dropping gains last year. The canine-themed cryptocurrency gained nearly 90.000.000% at its highs in October 2021, but even after its price fell, it ended 2021 with a gain of around 40.000.000%. This is difficult to understand. But more importantly, since it started to decline in November, it has shown no signs of a rebound. So if enthusiastic investors bought at the height of the frenzy, they just lost money.
There is always the possibility that the price of Shiba Inu will go up again. Dedicated investors are working to get more value out of cryptocurrency, such as creating an NFT art incubator and a decentralized exchange for Shiba Inu trading called ShibaSwap. But investors, especially those new to cryptocurrencies, may want to switch to other coins with greater potential. One cryptocurrency to consider making its mark on the scene is Waves (quotation WAVES).
What is Waves?
Waves is another cryptocurrency that offers simple solutions and scalability for building blockchain applications. It has a market cap of $ 6 billion, placing it in the top 30 of the list of the largest cryptocurrencies. It also supports Web 3.0 applications and other decentralized solutions.
One of the main advantages Waves offers over other cryptocurrencies is that they love to keep things simple. Its explanatory language is simple, and it uses its own native language called Ride for development. It can process thousands of transactions per second and processes more than 100.000 transactions per day.
It focuses on being eco-friendly and uses a low-energy proof-of-stake validation system, where users stake their tokens to build the blockchain. The average cost per transaction is a low $ 0,054, compared to the average cost of $ 2,33 for transactions on the leading cryptocurrency platform Ethereum.
Like many other cryptocurrency platforms, Waves was built to support decentralized applications (dApps) such as non-fungible token markets and decentralized finance (DeFi). It was also built to be interoperable, which means it can work with other cryptocurrencies to support a large network of applications.
Waves' price has skyrocketed in the past few days after announcing the creation of Waves Labs and the decision to move operations to Miami, as well as the appointment of a new leadership team. Waves Labs is intended to be the platform's “growth engine”, and was created to integrate commercial solutions into the Waves blockchain, transforming it into a platform with strong real-world utility. Some of the current projects are cross-border payment solutions and e-voting.
Will it be the next Shiba Inu?
Waves launched in 2016, so it's been around for a while now. It only became very popular last year, when cryptocurrencies in general exploded, and has gained 360% in the last year.
In a marked difference to Shiba Inu, Waves tokens already cost more than $ 50 each, while at their peak, Shiba Inu tokens only fetched $ 0,000089. Shiba Inu tokens (of which there are 549 trillion) will never reach the value of $ 1, but Waves tokens, of which there are only 108 million in circulation, are already much more valuable.
For investors, however, the concern is not about current value but about growth potential. Given Waves' recent earnings, especially in the past few days, it may have been at a high for the time being. However, the popularity that made it soar may not be over. It is implementing its "transformation plan", and this may be just the tip of the iceberg. Either way, Waves is a cryptocurrency that appears to have real use cases, and appears to be interested in becoming more useful, which could make it worth owning. At the same time, it's highly unlikely it will offer anything remotely like the earnings that turned Shiba Inu owners into millionaires last year.