Following more than a week of gradual growth, Waves has just spiked by a further 14% to reach $1.44.

During this time, Waves has almost tripled in value after climbing from a low of just $0.52 in early December, up to a peak of $1.50 just yesterday. This has also seen it gradually climb the market capitalization rankings to become the 50th largest cryptocurrency by market value—up from rank 76th in November.

It isn't just its value that has improved lately either. In the last three months, the daily trade volume for the Waves coin has multiplied by a factor of more than ten, indicating a massive increase in demand for Waves. In the last day, more than $240 million worth of Waves changed hands—a 25x increase in just three months.

This recent growth appears to be related to news that Waves.Exchange—a hybrid exchange built into the Waves blockchain—added a decentralized staking interface for the Neutrino dollar (USDN). Traders can choose to lock up their Neutrino coins and receive a yield of around 17.8% per year in return. Since this is currently higher than the yield offered by most other staking coins, this could have pushed up the demand for Waves.