WadzPay Token (WTK) currently boasts a $44 million market cap amid a 118% weekly price spike, but some commentators believe this market cap should be above $500 million.
The cryptocurrency community has expressed excitement over the current market capitalization of WadzPay Token (WTK), which currently stands at $44 million. This increase in market cap comes amid an impressive price run recorded by WTK.
However, some community members have pointed out that this valuation is especially low when compared to other cryptocurrencies that have established legal clarity in the UAE. One user projects that, like such cryptocurrencies, WTK ought to command a market cap exceeding $500 million.
Notably, WadzPay received approval from the Dubai Virtual Assets Regulatory Authority (VARA) in November 2023.This commentary comes post-upswing in WTK’s market performance, with substantial gains in both weekly and daily metrics. The company offers an interoperable, agnostic SaaS platform to enable CBDC and digital asset-based transactions for faster, more secure, and cost-efficient payments. On its hand, WTK token enables users to conduct transactions at e-commerce and retail merchants via the WadzPay payments model.
The increasing visibility of WadzPay in the distributed ledger technology (DLT) payment landscape was highlighted during its participation in the Digital Currency Conference 2024, an event that also featured major players like Ripple.
This appearance sparked discussions within the cryptocurrency community, with figures such as Minus Wells, CEO of M&M Network Security, speculating on WadzPay’s potential to carve out a significant market share in the sector. The conference spotlight has potentially contributed to the heightened interest in WTK.
WadzPay Price Surge and Market Performance
As a result of the interest, WadzPay Token has recently seen an increase, recording a 12.58% rise over the last 24 hours and a 118.46% surge in a week. These gains significantly outpace the general market trend, with the global crypto market up by 5.70%.
The price of WTK currently stands at $0.08732, with a trading volume of $2,578,408.13. Its volume has spiked 49% in 24 hours amid the growing buying interest. Notably, for WTK to secure a $500 million market cap, its price will have to skyrocket by 1,045% to $1.
WadzPay 1D Chart
Meanwhile, technical indicators reinforce the bullish sentiment surrounding WadzPay Token. The 50-day Exponential Moving Average (EMA) illustrates a medium-trend upward trend, with the current price of WTK maintaining above this line.
However, the Relative Strength Index (RSI) has reached 70.83, approaching the overbought territory. This condition hints at a potential stabilization or pullback in price as some investors might begin to realize profits.
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