IMO WAX is highly undervalued because most people don't have an actual idea about what WAX is and consider it being a mere gaming token like we have so many.
They do not realize that WAX is a dapp platform, providing semi-passive income for token holders, is one of the most used chains in existence and already generating millions of revenue every month on its beta chain.
With the mainnet going live this Sunday, tokenswap, ticker change and first bigger projects launching on mainnet I think this is likely going to change.
In Q1 2019 WAX had an average daily transaction amount of 7 Million transactions until they moved most of those transactions onto a private sidechain in preparation for the mainnet launch.
With the mainnet launch, those will be moved back, and by now even more projects launched on WAX.
With the microservice layer WAX should become the most used chain in existence transaction wise again.
I highly recommend watching this presentation from the BuiltOnEosio Event at EOS Israel.
It gives a glimpse at what WAX is going to become and the new whitepaper they are going to release in the upcoming days.
https://www.youtube.com/watch?v=ePvhH77JMogSo why by end of August, WAX has it's mainnet tokenswap that runs until 30th of August. People that swap before and lock their tokens will receive a tremendous bonus, so circulating supply/liquidity on exchanges will decrease drastically.