Wrapped AVAX (WAVAX) has experienced a rise in wallet accumulation on the Avalanche blockchain, despite a 4% drop in price. The number of wallets holding WAVAX increased by nearly double the recent average. This indicates that some traders may see long-term potential in WAVAX, although it is unclear if this will result in price stability or a rebound. The increase in wallet accumulation aligns with Binance adding AVAX as a cashback option for its Bybit Card product and the technological advancements of the Avalanche network. The growing number of wallets holding WAVAX suggests users are positioning themselves for future DeFi activity.



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