Aave Token Experiences Significant Price Surge
- AAVE token surpasses $173, marking its highest level since April 2022.
- Total Value Locked (TVL) shows recovery due to positive market sentiment.
The DeFi protocol Aave (AAVE) has seen its native token’s price skyrocket, reaching highs not seen since April 2022. Currently trading above $173, it’s reminiscent of its price of around $176 from April 28, 2022.
Aave’s Price Journey: From All-Time Highs to Recovery
This recent growth follows a significant downturn after Aave’s all-time high of over $670 in May 2021, leading to an extensive accumulation phase over the last two and a half years.
Market Trends Fueling Aave’s Rise
Aave is currently positioned above critical levels that have previously limited upward movement. The recent bullish market trends, particularly Bitcoin’s surge past $60,000 and its attempts to regain ground above $64,800, have contributed to this momentum. According to CoinGecko data, AAVE/USD has seen a remarkable increase of over 172% in the past year, with a further spike of more than 23% in just the last week.
Total Value Locked (TVL) Recovery
The increase in AAVE’s price also correlates with the recovery of its Total Value Locked (TVL), which had fallen to $5.7 billion in January 2023. This year has been promising for the DeFi market, showing an overall resurgence in lending and borrowing activities. Recent statistics from DeFiLlama indicate that Aave’s TVL has soared to $22.1 billion.
Aave V3: The Dominant Platform
The majority of this value is concentrated in Aave V3, which has achieved several significant integrations across the DeFi space. As of now, the total TVL for Aave’s network is approximately $20.5 billion.