TLDR:
AAVE price hit a 2-year high, rising 21% to over $150
Technical indicators point to a bullish trend with potential targets of $182 and $200
AAVE announced partnerships with World Liberty Financial and launched new markets
Stablecoin inflows to exchanges suggest increased buying power for AAVE
AAVE’s stablecoin GHO is gaining traction after a rough start in 2023
AAVE, the native token of the Aave lending protocol, has seen a significant price surge, reaching a 2-year high of over $150. This represents a 21% increase in recent days, outperforming much of the broader cryptocurrency market.
The price rally comes as Aave continues to expand its presence in the decentralized finance (DeFi) space.
The protocol recently announced a strategic partnership with World Liberty Financial, a venture endorsed by former U.S. President Donald Trump. This collaboration is expected to bring additional credibility and attention to the Aave platform.
AAVE Price at Coingecko
Technical analysis of AAVE’s price action reveals a bullish trend. The token has broken out of a cup and handle pattern, with key resistance levels now at $160 and $182. Some analysts suggest AAVE could potentially reach the $200 mark if the current momentum continues.
Aave founder Stani Kulechov recently announced plans to launch two specialized markets on Ethereum’s mainnet in the coming weeks. These new markets, focused on EtherFi and Ethena, aim to provide more tailored solutions for DeFi users and improve overall platform efficiency.
The project’s stablecoin, GHO, is also gaining traction after a challenging start in 2023. GHO has expanded beyond Ethereum to the Arbitrum network and now has a circulating supply of 136.5 million tokens. To address initial peg stability issues, Aave introduced a Merit Program offering rewards to encourage users to hold or stake GHO.
Aave’s total value locked (TVL) has grown to $10.7 billion, reflecting increased user activity and adoption. The protocol has also expanded to Layer 2 solutions like ZKsync and Linea, further solidifying its position in the DeFi ecosystem.
Market data shows an increase in stablecoin reserves on exchanges, particularly for USDT. This buildup of potential buying power could contribute to further price appreciation for AAVE and other cryptocurrencies.
As of September 11, 2024, AAVE is trading at $150, with a market capitalization of $2.23 billion. The token ranks 35th on CoinMarketCap and has a circulating supply of 14.93 million AAVE out of a total supply of 16 million.
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