WAX (WAX) Price Awakens amid Talks of Faked Transaction Volumes

[Pegasus]

WAX (WAX) suddenly rose to the top of the Blocktivity chart, with roughly ten times as many transactions as Bitcoin (BTC). The token’s transaction volume claimed a record of 5,090,573 transactions in 24 hours, still far from the records of EOS and other networks, but enough to draw attention to the project.

WAX, a startup aiming to link crypto assets and e-commerce, is indeed a token designed for continuous transactions. The high level of transactions is due to the decision of WAX to move away from the Ethereum network and launch its beta version blockchain based on the technology of EOS. The EOS code, which shares similarities with BitShares and Steem, allows for transactions that reflect messages, but not necessarily transfers of value. The transactions on the WAX platform, therefore, do not match the actual virtual items bought and sold.

In its ERC-20 version, the total supply of tokens was 1,85 billion WAX, and the asset had spread to more than 15,000 addresses. However, more than 60% of tokens are held by just the top 5 addresses. There is still no clear instruction on switching to the new WAX blockchain, or a deadline for a token swap from the ERC-20 standard.

The extremely high token volumes, which do not reflect on the Ethereum gas situation, have caused skeptics to see WAX as a manipulated coin. WAX, standing for World Asset Exchange, claims to be serving a vast marketplace of virtual items. However, the visits to the actual websites reveal much lower usage.

Skeptics see the high level of WAX transactions as a form of spam:

1/2 https://t.co/DfQOI4SVXV gets under 2K visitors/day & https://t.co/sh4jX9jZGE traffic is falling, yet $WAX claims 12X more Trxn/day than Bitcoin?!🤨🧐🤔

WAX: 3,660,245 Trxn/day
BTC: 293,734 Trxn/day
ETH: 564,602 Trxn/day

Conclusion: $WAX Spam "Operations" "≠ "Transactions" pic.twitter.com/YeQbgxxeeJ

— Unicorn Watch (@Unicorn_Watch) November 8, 2018

The WAX transaction count has been growing for days, serving as a form of publicity for the asset. The WAX ecosystem is still growing, and the next few months will show if the EOS code has helped another project launch a marketplace.

Following the news of the extraordinary transaction volumes, WAX market prices also saw a minor rally. WAX is up more than 47% in a smooth climb in the past seven days, up around 10% in the past day to $0.11. WAX trading is concentrated on Bittrex, Huobi, and Upbit. Trading volumes inched up to the equivalent of $2.7 million, with more than 87% of trading against Bitcoin (BTC), and the rest mostly against Ethereum (ETH).

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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