WAX (WAXP)
NFT-focused blockchain. Used for Alien Worlds and other play-to-earn.
Ranked 218th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
WAXP scores 81 of 250 across the 25-variable framework, which places it 218th of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
The score rests on Insider Selling 5/10, 42nd of 251 and Holder Concentration 4/10, 58th of 251.
Against the same universe, WAXP sits in the bottom third on Catalyst Calendar 2/10, 222nd of 251, Smart Money Flows 2/10, 217th of 251, Developer Activity 3/10, 208th of 251 and Team Execution 3/10, 208th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for WAXP. Price has to be justified by demand rather than absorbed against a cliff.
WAXP trades 99.86% below its all-time high of $2.77. Recovering that level is a 714.3x move, not a 99.86% one, which is the arithmetic most drawdown charts hide.
The framework score gained 81 points against the previous pass (0 to 81). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 2 | 166th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 3 | 182nd of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 2 | 217th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 2 | 222nd of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 3 | 208th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Leading blockchain for NFT gaming and digital collectibles with low fees.
Principal risk
Dependence on gaming trends and competition from other gaming chains.
Market and supply
| Price | $0.003854 |
| Market cap | $17.9Mrank 846 |
| All-time high | $2.778 Jan 2018 |
| Circulating supply | 4,655,986,684 |
| Eventual supply (total supply) | 4,655,986,684 |
| Dilution to full supply | 1x |
| Listed on | Binance, KuCoin, Huobi |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to WAXP measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Common questions
- What is the Early Thunder score for WAX (WAXP)?
- WAXP scores 81 out of 250 on the 25-variable framework, ranking 218th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are WAXP's strongest fundamentals?
- WAXP ranks highest on Insider Selling 5/10, 42nd of 251 and Holder Concentration 4/10, 58th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the WAXP thesis?
- WAXP scores in the bottom third of the universe on Catalyst Calendar 2/10, 222nd of 251, Smart Money Flows 2/10, 217th of 251, Developer Activity 3/10, 208th of 251 and Team Execution 3/10, 208th of 251. The single risk carried on the scorecard is: Dependence on gaming trends and competition from other gaming chains.
- How much WAXP supply is still to enter circulation?
- 100% of eventual WAXP supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is WAXP from its all-time high?
- WAXP trades 99.86% below its all-time high of $2.77. Returning to that high requires a 714.3x move from the level used in this scoring pass.
- Which tokens have a similar profile to WAXP?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to WAXP are MBOX (92), DENT (88), RVN (74) and LTC (102). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for WAXP?
- Leading blockchain for NFT gaming and digital collectibles with low fees.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.