Aave (AAVE) Surges 12% In 24 hours and 30.5% in Two Weeks Amid Growing Adoption.
Aave (AAVE) has been rallying in recent times following the widespread adoption of the decentralized money market protocol’s native cryptocurrency.
AAVE Massive Rally
Per data on cryptocurrency aggregator platform Coingecko, AAVE has surged over 12% in the last 24 hours as its price has moved from $137 to $156.61 within this time.
Aside from the tremendous growth recorded in the past 24 hours, looking at the token’s performance throughout this month, one would notice that the token has been on a groundbreaking rally since March 2022.
In the past seven days, AAVE has been up 30.5%, while on the bi-weekly chart, the cryptocurrency has soared 17.1% and 15.6% on month-to-date.
Growing Adoption of AAVE
The spectacular growth may surprise many who did not expect the cryptocurrency’s sudden surge. Still, the digital currency has been the latest token to be attracting enormous interest from large crypto investors in recent times.
Over the past two months, cryptocurrency whales with AAVE holdings worth between $152,000 and $1.5 million have collectively accumulated a whopping 70,000 Aave valued at around $10.7 million.
“A key aspect working in the 54th largest crypto asset’s favor is the fact that key sharks & whales have collectively accumulated 70,000 AAVE the past two months, worth $10.7m,” cryptocurrency on-chain metric data platform Santiment noted in a tweet today.
Other Key AAVE Metrics
The other main reason for AAVE’s rise is the launch of the Aave V3 Protocol on March 16. The Version 3 protocol carries some significant features like improved cross-chain transactions, gas costs optimization by 20-25%, a secure listing of new assets while guarding the protocol, more increased borrowing power for the users, and enhanced decentralization and improved capital efficiency.
AAVE is currently ranked the 54th largest cryptocurrency in the Coingecko crypto rankings. The cryptocurrency, which has a max supply of 16 million tokens, has a market capitalization of $2.07 billion.
Despite the significant rally of AAVE since the beginning of this month, the cryptocurrency is still trailing its previous all-time high of $661.69 by a large margin. The token is down 77.1% from its ATH recorded on May 18, 2021.
Although the current price is far from replicating its ATH, AAVE’s recent rally is a welcome development for holders who need the growth to forget about the losses they have suffered since its peak.
Meanwhile, Aave is among the companies selected by the Brazilian government to develop the country’s Central Bank Digital Currency (CBDC).
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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