With the uprising of the Wagner mercenary group in Russia, the effect of this situation was also felt in the cryptocurrency world.
The WAVES altcoin, also called the "Russian Ethereum", has gained approximately 80% in value in the last 24 hours and is trading at $2.71 at the time of this writing.
WAVES had similarly risen when Russia attacked Ukraine.
WAVES was founded by Sasha Ivanov, a Russian entrepreneur and former physicist. Headquartered in Moscow, the platform has a large user base in Russia and other post-Soviet countries. Token claims to be the first blockchain platform that allows users to create their own tokens without any programming skills.
Launched in June 2016 following one of the crypto industry's earliest initial coin offerings (ICOs), Waves initially aimed to develop the first blockchain platforms by increasing speed, utility, and user-friendliness.
*Not investment advice.