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AAVE, the native token of the Aave lending platform and an open-source protocol, is demonstrating positive price performance on the daily chart. AAVE has experienced the highest daily increase among the top 50 trading cryptocurrencies, demonstrating its soaring price movement.
AAVE setting new records
According to CoinMarketCap data, AAVE is trading as the 28th-largest crypto by market cap, valued at $5.65 billion. The price rose to $383.22 daily before slipping to $375.
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In the last 24 hours, AAVE’s price increased by 31.4%, while trading volume increased by over 84% to $2.1 billion. The surge in trading volume demonstrates heightened investor activity.
AAVE now outshines the top 50 cryptocurrencies, a trend it is not typically known for.
For context, Bitcoin (BTC), the world’s leading cryptocurrency, has surged only 2.7% within the same time. Similarly, Ethereum (ETH) spiked 5.66%, while meme coin Dogecoin (DOGE) rose 1.86% within the same time frame.
Factors behind AAVE’S soaring movement
The first possible trigger for AAVE’s soaring prices is the spike in whale transactions. According to IntoTheBlock, AAVE whales conducted over 3,310 transactions exceeding $100,000 in value last week. This represents the biggest weekly transaction count since 2022, indicating increasing interest.
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Besides the incensed whale activity, Aave announced a strategic partnership with Balancer, a permissionless automated market maker (AMM) platform. Aave is now serving as the primary launch partner for Balancer v3, a new upgrade set to transform decentralized finance (DeFi).
According to the agreement terms, Aave will integrate 100% Boosted Pools to deliver superior liquidity solutions to its users. This collaboration with Balance has helped to increase investor confidence in the protocol, contributing to the rising demand for its token.
AAVE remains a top-performing asset. Analysts believe ongoing ecosystem development and a favorable market could push it to reclaim its all-time high of $664.
