This 'Russian Ethereum' Spiked 56% Last Week Even As Bitcoin And Other Major Coins Struggled

The token associated with Waves (WAVES), a project that allows users to launch custom tokens, soared nearly 57% last week even as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD fell.

Top Gainers of Week Ending March 6 (Data via CoinMarketCap)
Cryptocurrency	7-Day % Change (+/-)	All-Time High Value/Date Reached	% Change (+/-) Since All-Time High
Waves (WAVES)	+56.8%	$41.33 On May 4, 2021	-55.1%
THORChain (RUNE)	+30.2%	$21.26 On May. 19, 2021	-78.3%
Chiliz (CHZ)	+18.8%	$0.8915 On March 13, 2021	-77.4%
NEAR Protocol (NEAR)	+14.6%	$20.42 On Jan. 16, 2022	-51%
Celo (CELO)	+11.6%	$10.66 On Aug 30, 2021	-75%
Anchor Protocol (ANC)	+11.4%	$8.31 On March 19, 2021	-50.4%

See Also: How To Buy (WAVES) Waves?

Why Waves Rose? On Friday, Puzzle Swap, an automated market maker based on mega pools, announced a megapool for “true Waves fans.”

New megapool for true Waves fans!

60% $WX
10% $WCT
10% $WEST
20% $USDN

Provide liquidity to earn approx 30% APY! Especially suitable for WX holders

https://t.co/VpRpYWn4Tp

PS. This means WX, WCT and WEST are now listed on Puzzle! pic.twitter.com/QNycLuxOMX
— Puzzle Swap (1 ➝ 2) (@puzzle_swap) March 4, 2022

The launch of a blockchain-agnostic Metaverse, establishment of a new partnership with token bridge Allbridge and the project’s migration to Ver 2.0 have all played significant roles in Waves’ rise last week.

Waves was also added by Binance as a collateral asset by Binance, the largest spot exchange by volume last week.

Amid the ongoing Russia-Ukraine crisis, the project’s founder Sasha Ivanov reminded his Twitter followers that he was from Zaporozhye, Ukraine.

Some Twitter users have termed Waves as the “Russian Ethereum” and have noted its appreciation during the crisis.

$WAVES is approaching resistance and nearing the daily cloud. Waves is often referred to as Russian Ethereum. https://t.co/KWiaSxiXTf
— doppel (@doppel_ichi) February 26, 2022