The number of “whale” addresses in AAVE has recently increased. Whale addresses are digital currency addresses that store 1 million or more of a particular coin. AAVE is currently riding a wave of whale-like popularity.
AAVE is currently riding a wave of whale-like popularity. A 55 percent of the AAVE coins are held by addresses with 1,000 to one million tokens, per Santiment. That’s a big jump from the 48% investors saw in the first half of June.
This increase in whale addresses may be attributable to new AAVE features. AAVE recently tweeted on the company’s recent achievements in the present DeFi industry.
We may expect an increase in the number of services that make use of the AAVE ecosystem over the coming years, as funding has been awarded to more than 26 different beneficiaries.
Staking the token on the ecosystem can now generate instant returns thanks to the company’s cooperation with Flashstake.AAVE TVL Increasing As Well
Using the governance token, users may lend and borrow cryptocurrencies and real-world assets (RWAs) directly from one another, cutting out the need for a trusted third party. Investors gain interest when lending money and lose it while borrowing money.
The TVL of the system has increased to $1.17 billion, from $1.09 billion on September 14th, since tweets describing current changes in the ecosystem were released.
When the TVL number goes up, trade volume goes up with it. The token’s 24-hour trading volume increased from $74,494,475 on September 18 to $145,288,857 on September 20, according to publicly available data. This represents a massive growth of nearly 49 percent.
As of the time of writing, this figure decreased by 19.5 percent to $116,733,735. Although the long-term outlook for AAVE may be favorable, the short-term outlook is not promising.
Despite the significance of the advancements, the token is still subject to market conditions. The token has already lost 14 percent of its September 17 gains.Positive Developments Help The Token Recover
The price decline can be attributed to the deteriorating macroeconomic conditions in the first half of September. Due to the market’s climate of dread, the crypto winter will persist until the end of the year before conditions improve.
Recent economic developments will influence the broader financial markets, particularly the cryptocurrency market. But recent developments can assist AAVE in recouping its losses.
Recently, NASDAQ announced its entry into the cryptocurrency market. Their justification was that institutional investors’ interest in digital assets has increased.
Despite the fact that their approach is still cautious because crypto exists in a legal murky area, this is still a big milestone in the crypto industry.
AAVE has been a part of the cryptocurrency market as a lending and borrowing platform. As the crypto winter persists, services such as AAVE will become indispensable for surviving the current market conditions.AAVE total market cap at $1.02 billion on the daily chart | Source: TradingView.comFeatured image from The Coin Republic, Chart: TradingView.com(The analysis represents the author's personal views and should not be construed as investment advice).
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