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HomeCrypto NewsMarketAave Social Dominance Spikes Dramatically as Price Surges 14.97% This Week

Aave Social Dominance Spikes Dramatically as Price Surges 14.97% This Week

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Aave has witnessed a 14.97% price surge to $93.18 this week, with its social dominance hitting 0.4%, making it the 31st most popular crypto in the market.

According to social analytical platform LunarCrush, Aave (AAVE), the open-source liquidity protocol, has experienced a remarkable week, as its price increased by 14.97%, now trading at $93.18. This has led to a surge in its market cap to $1.39 billion.

In addition to this bullish performance, LunarCrush further reported a rise in AAVE’s social dominance, positioning it as the 31st most popular crypto on social media. This increased social dominance has contributed to a 41.84% spike in 24-hour trade volume, currently sitting at $125.5 million.

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Aave Social Metrics

Specifically, data confirms that AAVE’s social dominance saw a 54.4% increase, reaching 0.4% of all social activity in the crypto market. Despite this rise, the number of posts created decreased by 28.2%, and posts with interactions fell by 40.7%. 

Additionally, creators with interactions dropped by 38%, and creators posting declined by 21.6%. However, interactions rose by 9%, and sentiment towards AAVE improved by 5.7%. This shift in social metrics suggests a growing discussion and presence of AAVE on social media platforms.

Volatile Yet Consistent Interest in Aave

Per IntoTheBlock data, the search interest for Aave has been more volatile yet generally stable, with notable peaks around mid-April and mid-May. Currently, this interest is hovering between 67 and 100 on the index.

Elsewhere, the interest in Aave Lending has remained relatively stable, exhibiting minor fluctuations without significant peaks or drops, which indicates consistent engagement in this specific aspect of the crypto project. 

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The search trend for AAVE’s price, depicted in black, has shown more pronounced fluctuations, closely mirroring the actual price movements. Significant spikes in search interest correlate with sharp price movements.

Investor Success and Correlation

In related news, an early investor in AAVE previously demonstrated the long-term potential of the DeFi protocol. Initially, the investor purchased 12.5 million LEND tokens for approximately $500,000 at $0.04 each. In 2020, Aave converted LEND tokens to AAVE at a 100:1 ratio, resulting in 125,000 AAVE tokens. 

Interestingly, late last year, the investor sold 30,000 AAVE tokens via the DeFi protocol Cumberland, realizing $3 million, a 500% return on investment. At the time, the investor still held over 100,000 AAVE tokens, worth around $10 million. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Zabi
Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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