Waves shifts in price strong and took the trades on a wild ride however, there were some accusations of price manipulation as we can find out more in our latest crypto news today.

The layer-1 coin WAVES shifts in price and was trading for under $32 and by the end of March it hit an ATH of $62.36 so just as fast, the price was headed down to $36 after it deleted 25% of the ATH mark in the past 24 hours alone. The price of Waves-based stablecoins USD Neutrino lost its peg to the dollar and dipped today by $0.68.

WAVES is the biggest ponzi in crypto

It has recklessly engineered price spikes by borrowing USDC at 35% to buy its own token

Continuous WAVES market cap growth is needed to keep the system stable

WAVES will eventually crash and USDN will break with it

You’re on notice🧵

— 0xHamZ (@0xHamz) March 31, 2022

The price swings in crypto are common but this is still extremely volatile for a top 40 asset. It is moving way too much to write it off as a simple crypto movement. Sure enough, there’s a deeper current that seems to be driving the price movement. Just like ETH, Waves is a layer-1 blockchain that features smart contracts and allows people to launch their own decentralized applications as well as associated tokens. Similar to terra, the most popular feature it has is the algorithmic stablecoin which is backed by waves. The users can stake USDN make their own cash available for lending and get rewards in WAVES so crucially, the actual rate of return depends on the WAVES price.

The pseudonymous crypto markets analyst going by the name of 0xHamZ tweeted a thread that they called the Waves to platform the biggest Ponzi in crypto and used data to make the case that the stable coin system whcih can be stable if there’s continuous WAVES market cap growth. They allege that Waves is working behind the scenes to prop up the ecosystem and borrow other stablecoins to purchase its own. Waves founder Sasha Ivanov said that the opposite is true and someone is working behind the scenes to pull Waves down. He saw the 0xHamZ thread as a part of a concerted campaign to discredit the platform and referred to as Russian Ethereum.

Get your popcorn ready: @AlamedaResearch manipulates $waves price and organizes FUD campaigns to trigger panic selling.

I hope I caught your attention. Follow me.

— Sasha Ivanov 🌊 (1 ➝ 2) (@sasha35625) April 3, 2022

Ivanov claimed that Alameda research which is a crypto trading platform founded by FTX CEO Sam Bankman Fried was manipulating the price and trying to tank the asset to make money by shorting it. Ivanov cited a report from Bloomberg that pointed to a sharp uptick of the coin on FTX in late February. The scheme only works by borrowing huge amounts via Waves-based lending protocol Vires finance and selling it off while spearing FUD to bring the price down. As Waves shifted in price, Ivanov promoted a governance proposal to prevent price manipulation and limited yield returns and lowered the point of leveraged trades.