Aave Price Surges to 3-Month High as Daily Active Addresses Spike

IconCryptoNewsTerminal Staff02 Aug, 2024

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Aave Price Surges to 3-Month High as Daily Active Addresses Spike

Aave (AAVE), the governance token of the Aave lending protocol, has surged to its highest price in three months. It touched $118 today, its highest point of the day. The price surge comes as Aave's daily active addresses reach their highest level since March. This indicates increased activity on the Aave protocol, which could be driving up the price of the token. The Aave V3.1 launched on July 31st and has been well-received by the community. The upgrade includes a number of new features and improvements, such as a new risk management module and support for new assets. The combination of increased activity and positive sentiment around the Aave V3.1 launch has likely contributed to the recent price surge. Aave is now one of the top 10 cryptocurrencies by market capitalization, with a total value of over $2.5 billion.

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