Aave may be in for price rise, per recently revealed analytics data
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Aave, the cryptocurrency ranked 48th on the CoinMarketCap scale, running on AAVE protocol, is seeing massive network growth activity, according to data shared recently by Santiment analytics firm.
Aave is a decentralized finance platform that provides users the opportunity to borrow and lend digital currencies.
A recent tweet by this data aggregator says that the amount of newly created wallets and a sharp rise in wallet activity could be indicative of an asset’s price increase coming to users.
📈 Address activity and & address creation rises are generally key components for an asset’s price rise. #Aave has been seeing sharp spikes in both, hitting milestones not seen since mid-July. Check out our short take on $AAVE‘s key #onchain metrics! 😎 https://t.co/L6zP7cjZqI pic.twitter.com/0XCabzexDz
— Santiment (@santimentfeed) November 1, 2022
At the moment, according to the tweet, these two indexes are reaching milestones that have not been seen since the middle of July.
Roughly a week ago, AAVE gained momentum after support for it was added by Robinhood brokerage giant, along with Tezos (XTZ). That news pushed the coin’s price up 5%. A few days after that, the platform enabled payments in XLM, AAVE and XTZ.
At press time, AAVE is changing hands at $82.28, per data shared by CoinMarketCap. It shows a drop of slighly 3% over the past 24 hours.