According to a website called Trademarkia, Nintendo of America renewed the trademark for Wave Race on August 15th. This doesn't mean we can assume a new game is coming of course, but it is a possibility. The current (nice) Wave Race lineage looks like this:
How about getting on the jetski for another blast?
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Nintendo should do this more.
Wii's World is not officially affiliated with Nintendo! (but they wish we were).