Wrapped AVAX (WAVAX) has experienced a notable increase in wallet accumulation on the Avalanche blockchain, with nearly 4,000 wallets adding to their WAVAX holdings recently. This number represents a significant rise from the recent average of 1,600 wallets, suggesting a confident outlook among traders despite a 4.5% decline in price over the past 24 hours. Historically, wrapped tokens allow for compatibility with various non-native blockchains for DeFi applications. The uptick in wallet holders follows the integration of cashback incentives by Bybit, indicating possible positioning for future DeFi engagement. Although the Avalanche ecosystem has seen a slight decrease in total value locked in DeFi protocols, trading volumes are on the rise, highlighting continued interest in WAVAX. The situation reflects a potential long-term strategy among traders despite current price pressures.

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