Dynamic Neural Radiance Fields (Dynamic NeRF) enhance NeRF technology to model moving scenes. However, they are resource intensive and challenging to compress. To address these issues, this paper presents WavePlanes, a fast and more compact explicit model. We propose a multi-scale space and space-time feature plane representation using N-level 2-D wavelet coefficients. The inverse discrete wavelet transform reconstructs feature signals at varying detail, which are linearly decoded to approximate the color and density of volumes in a 4-D grid. Exploiting the sparsity of wavelet coefficients, we compress the model using a Hash Map containing only non-zero coefficients and their locations on each plane. Compared to the state-of-the-art (SotA) plane-based models, WavePlanes is up to 15x smaller while being less resource demanding and competitive in performance and training time. Compared to other small SotA models WavePlanes preserves details better without requiring custom CUDA code or high performance computing resources. Our code is available at: https://github.com/azzarelli/waveplanes/
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