The Aave protocol’s tweet revealed the plan to reimburse Aave firm members with $16.28 million in retroactive funding for the Aave Protocol V3 development saw a green light. Now, the question remains, did the prospective buyers and the community rejoice in the development?
The V3 protocol wants to solve multiple problems. It will concentrate on new modes to ensure surged capital efficiency while curbing risks for the network. Moreover, it would include risk management enhancements while offering extra protection to the platform and introducing other Layer2-specific upgrades.
The update’s announcement triggered the cryptocurrency community, with some whales noticing. The WhaleStats’ tweet indicated that AAVE was among the top ten bought coins by the 100 leading BSC whales over the past 24 hours.
Surprisingly, whales are not the only participants AAVE attracted, with the alternative coin noting some actions on social media. The alt saw a 12.5% surge in social mentions within the past seven days, a somewhat optimistic signal for AAVE.
Nevertheless, the altcoin didn’t perform well in different social media aspects, especially social dominance, since the previous week. AAVE’s social media dominance remained relatively low since the September 6 spike. Also, the altcoin hasn’t seen enhanced hype within the last few days.
Here are the Indicators
Now, it’s challenging to pinpoint AAVE’s social media landscape. However, it’s noteworthy that whales have shown interest in the altcoin for some time.
Addresses with over $1 million have maintained a stable surge within the past three months, recording a staggering 54.55% in wallets holding the amount. The asset’s outstanding market capitalization also remained elevated, with the metric gaining by about 64.76% within the past three months.
Though AAVE has multiple factors favoring it, the token’s price has plummeted by 2.54% within the past 24 hours. AAVE’s price action has fluctuated inside the resistance at $94.36 and the support of $78.66 within the previous few weeks.
The RSI appeared near 50, while the Chaikin Money Flow neared 0, with the indicators moving sideways. It could be safe to conclude that the sentiment isn’t in favor of sellers or buyers during this writing. Moreover, the token’s future remains uncertain despite the many developments. Thus, investors should research before executing AAVE trades.