Yes, wane is a Scrabble word!
...and is worth 7 points in Scrabble, and 8 points in Words with Friends
wane
Verb
1. Grow smaller
2. Become smaller
3. Decrease in phase
Noun
1. A gradual decline (in size or strength or power or number)
What Scrabble words can I make with the letters in wane?
4 Letter Words
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3 Letter Words
2 Letter Words