According to a Tweeter by Aave protocol, the compensation plan Aave company members with $16.28 million in retroactive financing for the development of Aave V3 protocol was lit green.
Now the question – Did are the community and potential buyers happy with this development?
New updates are here
The V3 protocol aims to solve many problems. It will focus on new modes that enable increased capital efficiency while limiting protocol risk. Additionally, it would incorporate risk management enhancements, while providing additional protection to the protocol and many other L2-specific upgrades will also be made.
The announcement of this update has had an impact on the crypto community, some crypto whales have taken notice. Indeed, according to a Tweeter by WhaleStats, $AAVE is back in the top 10 tokens bought by the top 100 BSC whales in the last 24 hours.
Interestingly, whales aren’t the only community that AAVE has sparked interest in, AAVE has also been making noise on social media. The altcoin has seen a 12.5% increase in social mentions over the past 7 days, which seems like a good sign for AAVE.
However, AAVE has not been able to perform well in other aspects of social media, especially the aspect of social dominance, since last week. After peaking on September 6, AAVE’s social dominance has been relatively low and there hasn’t been much hype surrounding the token over the past few days.
Here are the pointers
Now, it’s hard to pinpoint what the social media landscape looks like for AAVE right now. Note, however, that whales have been showing interest for some time.
Addresses holding over $1 million have grown steadily over the past 3 months with a huge 54.55% spike in the number of addresses holding this amount. AAVE’s outstanding market capitalization has also increased, with the same increase of around 64.76% over the past 3 months.
Even though there are a lot of factors in favor of AAVE, the price of the token has fallen by 2.54% in the last 24 hours. The price has been fluctuating between the resistance at $94.36 and the support at $78.66 over the past few weeks.
The RSI appeared to be close to 50 and the CMF was close to 0 as both indicators were moving sideways. It would be safe to say that the momentum is not with buyers or sellers at the moment.
Although AAVE has several projects underway, its future still seems uncertain. Therefore, readers are advised to make their to research before embarking on this profession.