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Paralyzes the target. Has no effect on Ground Pokémon.
Thunder Wave is an extremely useful move, and possibly the best and most widely distributed status-inducing move in the game. It provides 100% accurate paralysis, and with high distribution, can be used by a ton of Pokemon. Although Ground-types are immune, this move is almost always a safe bet, and will rarely disappoint. While paralysis isn't as useful as sleep, it is still extremely useful for a variety of reasons and can be used for many different strategies. As paralysis cuts the Speed of the afflicted almost down to nothing, it makes it suddenly plausible for normally slow Pokemon to outspeed the enemy's team and take them out one by one. Paralysis also tends to fully incapacitate the opponent in the most useful of times, and this can be further utilized with the use of confusion, often referred to as parafusion. Unlike sleep, paralysis is not limited by any competitive clause, so you can try to spread it amongst the whole opposing team, granting a great advantage in the match.
Glare is a less accurate Normal-type equivalent.
Stun Spore is a less accurate Grass-type equivalent.