The crypto market saw immense volatility this week, with many major cryptocurrencies seeing significant price swings. However, one lesser-known crypto coin managed to stand out by exploding over 500% in value.
$WAM (WAM) started the week trading at just $0.0008626 but saw a parabolic rise to over $0.005 within a few days. This makes WAM one of the top performing cryptocurrencies over the past week.
Interestingly, WAM has achieved this despite not yet being listed on major exchanges like Binance or KuCoin. This suggests the coin could be primed for further growth if it manages to secure listings at larger exchanges, giving it access to wider trading volumes.
Source: CoinStats – Start using it today
However, after such a strong rally, a retracement to around $0.004 is likely at some point soon. Traders who got in early may begin taking profits after the immense gain.
The catalyst behind the huge surge in WAM remains unclear. The project’s X (Twitter) account has over 74,000 followers, but there were no major announcement events this past week that would explain the spike. The only potential factor seems to be that WAM/USDT trading volumes rose significantly on the Gate.io exchange during the rally.
For now, WAM can be traded primarily on Gate.io and PancakeSwap.
What exactly is WAM and does it have strong fundamentals?
The $WAM token is the native utility token of WAM.app, a play-to-earn social gaming platform where users can compete in quick tournaments for rewards in $WAM tokens and NFT prizes.
The WAM token allows access to the platform’s tournaments and other features like revivals, NFT minting, staking for rewards, and more. Users connect to WAM.app using their own crypto wallets in order to participate.
WAM aims to be one of the first platform with the capability to service millions of crypto users across different blockchains. This chain-agnostic approach could give it an edge in the competitive play-to-earn space.
While the recent price explosion brings speculation, WAM appears to be more than just a pump and dump. With strong gameplay fundamentals, this is a crypto project that seems worth keeping an eye on going forward.
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