.png)
Bybit’s AVAX cashback integration boosts WAVAX accumulation, reflecting growing investor confidence and crypto adoption.
Recent on-chain data indicates a significant increase in the accumulation of Wrapped AVAX (WAVAX) tokens, coinciding with Bybit's integration of AVAX into its card cashback program. This development suggests growing confidence among investors in the token's long-term potential.
According to analytics from TheTie, nearly 3,900 wallets have augmented their WAVAX holdings, a substantial rise from the typical average of 1,600 wallets. This surge occurs despite a 4.5% decline in WAVAX's price over the past 24 hours, indicating that investors may be capitalizing on the lower price point to increase their positions.
The uptick in wallet accumulation follows Bybit's recent announcement of its card's cashback program, which now includes AVAX as a reward option. This initiative allows users to earn AVAX tokens as cashback on their purchases, seamlessly integrating cryptocurrency rewards into everyday transactions. Bybit's partnership with S1LKPAY, a principal member of the Mastercard network, has expanded the card's availability to various regions across four continents, enhancing its global reach.
Wrapped AVAX serves as an ERC-20 compatible representation of the native AVAX token, facilitating its use across various decentralized finance (DeFi) platforms on the Ethereum network. This compatibility enables traders to engage in activities such as lending, borrowing, and trading with WAVAX, thereby increasing its utility and appeal within the crypto ecosystem.
The combination of Bybit's cashback integration and the inherent versatility of WAVAX appears to be driving increased interest and accumulation among investors. As the cryptocurrency market continues to evolve, such initiatives that bridge traditional financial services with digital assets are likely to play a pivotal role in mainstream adoption.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.
Follow our news on:
Twitter | Telegram | Instagram | Facebook | Reddit | Binance Square | CoinMarketCap