Wax Coin: A Smart Investment Move?

Wax, or WAXP, is a cryptocurrency that has been described as the king of the NFT market. It is one of the most popular virtual currencies and most-used layer-1 blockchain ecosystems globally, especially for non-fungible tokens, dApps, and video games. WAX allows its users to create, buy, sell, and trade different items worldwide.

WAXP's price has been volatile, and it is currently trading at around $0.053 with a market cap of $183,205,686. Its price has decreased by -1.13% in the past 24 hours and by -12.41% in the past 30 days.

WAXP's price prediction for the rest of 2024 varies depending on the source. One source predicts that its price could reach $0.063 by the end of the year, while another predicts that it could reach $0.15.

WAXP has been described as a risky investment, but it has a higher probability of going up than down due to its good use case, well-designed tokenomics, active community, and solid team.

WAX's price history and predictions

WAX, or Worldwide Asset eXchange, is a blockchain-based decentralised marketplace for virtual gaming items. It was launched in 2017 and uses a Delegated Proof of Stake (DPOS) consensus mechanism.

WAX's native token is WAXP, which is used for staking, voting, and payment of services on the platform. WAXP can be converted into WAXE, an Ethereum-based ERC-20 utility token.

WAX's all-time high was on 9 January 2018, when it was priced at $2.77. In 2022, WAXP experienced a downturn, dropping below the $0.1 level by mid-year and ending the year at $0.042.

In 2023, WAXP has had a mixed performance. The year started with a brief bullish surge, with the token reaching a peak of $0.089. However, this was followed by a bearish trend, pushing the token's value down to $0.04 by mid-year. Despite this, WAXP has since rebounded, offering hope for future recovery.

Price Predictions

WAX Price Prediction for 2024:

• According to one source, WAXP's price could range between $0.1 and $0.15, with an average price of $0.13.
• Another source predicts that WAXP could reach a maximum of $0.095, with an average trading value of approximately $0.16.
• A third source predicts that WAXP will be worth between $0.059 and $0.11 in June 2024, with an average price of $0.1 for the month.

WAX Price Prediction for 2025:

• One source predicts that WAXP's price will range between $0.098 and $0.14, with an average price of $0.12.
• Another source predicts a maximum price of $0.16 and a minimum of $0.12.

WAX Price Prediction for 2026:

• One source predicts that WAXP could reach a maximum value of $0.22, with an average trading price of $0.18.
• Another source predicts a price range of $0.13 to $0.19 and an average price of $0.16.

WAX Price Prediction for 2027:

• One source predicts a maximum price of $0.26 and a minimum of $0.17, with an average price of $0.21.
• Another source predicts a maximum price of $0.30.

WAX Price Prediction for 2028:

• One source predicts a minimum WAXP price of $0.23, a maximum of $0.34, and an average of $0.29.
• Another source predicts a price range of $0.38 to $0.45, with an average of $0.37.

WAX Price Prediction for 2029:

• One source predicts a maximum price of $0.46, a minimum of $0.3, and an average of $0.38.
• Another source predicts a maximum price of 0.63, an average of $0.52, and a minimum of $0.51.

WAX Price Prediction for 2030:

• One source predicts a maximum price of $0.61, a minimum of $0.41, and an average of $0.51.
• Another source predicts a price range of $0.60 to $0.64, with an average of $0.62.

WAX Price Prediction for 2031:

One source predicts a maximum price of $0.81, a minimum of $0.54, and an average of $0.68.

WAX Price Prediction for 2032:

• One source predicts a maximum price of $1.09, a minimum of $0.72, and an average of $0.90.
• Another source predicts a maximum price of 1.95, an average of $1.65, and a minimum of $1.60.

It is important to note that cryptocurrency markets are highly volatile and these predictions should not be taken as financial advice.

WAX's use cases

WAX, short for Worldwide Asset eXchange, is a decentralised marketplace specialising in the trade of virtual gaming items. It has several use cases, including:

• E-commerce transactions: WAX is designed to make e-commerce transactions faster, simpler, and safer for all involved parties. It achieves this through its blockchain architecture, which supports 500-millisecond block time and zero-fee transactions for customers.
• WAX Cloud Wallet: This feature supports e-commerce operations, allowing users to log in using their social media accounts. This removes a significant barrier to entry for new users.
• Blockchain-based tools: WAX has created a suite of blockchain-based tools that enable anyone to trade digital or physical items instantly and securely. These tools can also be used to build decentralised application (DApp) marketplaces and non-fungible tokens (NFTs).
• WAXP-to-Ethereum (ETH) bridge: WAX features a bridge that allows WAXP token holders to convert their tokens into WAXE, an Ethereum-based ERC20 utility token. This facilitates participation in WAX tokenomics, where users need to burn their WAXP tokens to obtain WAXE through the Ethereum bridge.
• WAX Economic Activity pool: This is a smart contract that accumulates a percentage of generated WAX fees, which can be converted into ETH for distribution to WAXE stakers or given to WAXG token holders who choose to burn their tokens.
• Staking: WAXP can be staked without a transaction fee, and staked tokens can be reclaimed with rewards over time. Staking is considered a contribution to the blockchain, and it increases the scarcity of coins.
• Voting: WAX holders have voting power for the governance of the ecosystem. Guilds act as conforming nodes, and token holders can select WAX guilds by voting in a continuous approval system.
• WAX lab: This is a worker proposal system where WAX projects are approved after voting. Approved projects benefit from the WAX labs fund.

WAX's tokenomics

WAX Tokenomics

WAX, or Worldwide Asset eXchange, is a decentralised marketplace for virtual gaming items. It uses its native cryptocurrency, WAXP, to facilitate direct transactions between users. WAX's appeal extends beyond gaming, attracting corporate giants like Amazon, Sony Pictures, and AMC Theatres.

WAX's native token, WAXP, is used for staking, voting, and payment of services on the platform. Staking WAXP tokens increases their scarcity, and users can reclaim the staked tokens with rewards over time. WAXP can be staked without a transaction fee, and holders have voting power for the governance of the ecosystem.

WAX also features a WAXP-to-Ethereum (ETH) bridge, allowing WAXP token holders to convert their tokens into WAXE, an Ethereum-based ERC-20 utility token. To participate in WAX tokenomics, users need to burn their WAXP tokens to obtain WAXE through the Ethereum bridge and then stake the WAXE tokens on the Ethereum distribution contract.

WAXG, an Ethereum-based ERC-20 governance token, is distributed to WAXE stakers based on a set timetable and proportional to the percentage of the WAX Economic Activity pool. This pool is a smart contract that accumulates a percentage of generated WAX fees, which can be converted into ETH for distribution to WAXE stakers or given to WAXG token holders who choose to burn their tokens.

WAX has a circulating supply of 3,490,206,782 WAXP coins as of February 2021 and a maximum supply of 3,770,303,327 WAXP. The current price of WAXP is around $0.029, with a 24-hour trading volume of $6.4 million.

WAX Price Predictions

While it's challenging to predict the future of any cryptocurrency, here are some WAX price predictions for the coming years:

• 2024: The average trading price is expected to be around $0.13, with a maximum of $0.15 and a minimum of $0.042.
• 2025: The average trading price is anticipated to be around $0.12, with a maximum of $0.14 and a minimum of $0.098.
• 2026: The average trading price may reach $0.16, with a maximum of $0.19 and a minimum of $0.13.
• 2027: The average trading price could be $0.21, with a maximum of $0.26 and a minimum of $0.17.
• 2028: The average, minimum, and maximum values are projected to be around $0.29, $0.23, and $0.34, respectively.
• 2029: The average value is anticipated to be around $0.38, with a minimum of $0.3 and a maximum of $0.46.
• 2030: The average value is expected to be around $0.51, with a maximum of $0.61 and a minimum of $0.41.
• 2031: The average price may reach $0.68, with a maximum of $0.81 and a minimum of $0.54.
• 2032: The average value is predicted to be $0.90, with a maximum of $1.09 and a minimum of $0.72.
• 2033: The average price could be $1.21, with a maximum of $1.45 and a minimum of $0.96.
• 2035: The average trading price is anticipated to be $2.14, with a maximum of $2.56 and a minimum of $1.71.

WAX's competitors

WAX, or Worldwide Asset eXchange, is a decentralised marketplace that facilitates the trade of virtual gaming items. It is a purpose-built blockchain that was released in 2017 to make e-commerce transactions faster, simpler, and safer.

Some of WAX's competitors include:

• Avalanche: A competitor with more financial resources than WAX.
• Gala Games: Another competitor with more financial resources.
• Alien Worlds: A leading blockchain game that is hosted on WAX.
• Amazon, Sony Pictures, and AMC Theatres: Corporate titans that have partnered with WAX.
• EOS: A blockchain that is fully compatible with WAX.
• Ethereum: WAX features a WAXP-to-Ethereum (ETH) bridge that allows token holders to convert their tokens.
• Binance, Bybit, BYDFi, OKX, and KCEX: Cryptocurrency exchanges where WAX (WAXP) can be purchased.
• Turtle Wax: A company with similar services that compete with WAX. Their main competitors are DuPont, Eaton, and Leprino Foods.

WAX's risks and challenges

WAX, like any blockchain project, faces several risks and challenges. Here are some key areas of concern:

• Regulatory Risks: The regulatory landscape for cryptocurrencies and blockchain technology is still evolving, and WAX, as a decentralised platform, needs to navigate this dynamic environment to ensure compliance with relevant regulations across various jurisdictions.
• Technological Risks: As a technology-dependent platform, WAX is susceptible to technological obsolescence, security breaches, and system failures. The platform must continuously innovate and adapt to maintain its competitiveness and ensure the security of its users' assets.
• Market Risks: The cryptocurrency market is highly volatile, and WAX is not immune to its fluctuations. Market sentiment, economic conditions, and competition from other blockchain projects can impact the value of WAXP tokens and the platform's overall viability.
• Scalability Challenges: While WAX's Delegated Proof-of-Stake (DPoS) consensus mechanism enables high transaction volumes and fast transaction times, there may be challenges in maintaining this performance as the platform scales and user demand increases.
• Competition: WAX operates in a highly competitive market, with other blockchain projects offering similar features and use cases. This competition could impact WAX's market share and the adoption of its technology.
• Security: As a platform that facilitates the trade of virtual items and NFTs, WAX must ensure the security of its users' assets and personal information. Any security breaches or hacks could damage user trust and the platform's reputation.
• Adoption and User Experience: WAX's success depends on attracting and retaining users. While it has a strong community, WAX must continuously enhance its platform to provide a seamless and user-friendly experience to attract a wider audience.
• Partnerships: WAX's growth and adoption rely on establishing and maintaining strategic partnerships with gaming companies and other industry players. Failure to secure or maintain these partnerships could hinder its development.
• Community Engagement: WAX's community plays a vital role in its development and governance. Ensuring that the community remains engaged and aligned with the platform's vision is essential for its long-term success.
• Economic Conditions: Cryptocurrencies are often viewed as risky assets, and economic downturns or shifts in investor sentiment could lead to reduced investment in WAXP tokens and other crypto assets.

While WAX has a strong foundation and unique features, it must navigate these risks and challenges to ensure its long-term success and sustainability.

Frequently asked questions