# altcoin / # bitcoin / # blockchain / # exchange / # events / # ICO / # trends / # finance / # Russian news

AAVE Crypto Price Staggers Amid Mixed On-Chain Data

AAVE price crawled back in the past few days even as the number of daily number of users dropped. The token was trading at $87.38, which was a few points above this week’s low of $83.44. It has jumped by about 70% from the lowest level in 2022.

AAVE mixed statistics

Aave is a leading non-custodial financial platform that makes it possible for people to deposit funds and earn interest. It exists across multiple chains like Ethereum, Avalanche, Polygon, Optimism, Arbitrum, Harmony, and Fantom. Its most active platform is about $6.1 billion. 

AAVE V2 has a total value locked (TVL) of over $6.2 billion while V3 has a TVL of over $997 million. V1 is much smaller with its TVL of more than $30.6 million. A quick look at on-chain data shows that the network is not doing extremely well. 

For example, the number of daily active users soared to more than 12 million in June 2021. The number of users has dropped to a low of 2.8k. At the same time, as shown below AAVE’s revenue has been in a downward trend. Its daily revenue peaked at $266k in October 2021 to the current $26.2k. 

AAVE revenue

Other numbers are relatively negative. According to TokenTerminal, the borrow volume in AAVE peaked at $12.1 billion to the current $2.2 billion. This is one of the main reasons why the revenue in the network has dropped. Supply-side fees have also been in a downward trend.

On the positive side, the number of active token holders has been rising. Data shows that there are now over 153.1k token holders since the launch. Inflows have been falling. According to IntoTheBlock, the concentration of large holders stands at about 81%, with 65% of all holders being in the loss-making territory. 

AAVE price prediction

Aave price

The four-hour chart shows that the AAVE crypto price has formed an ascending channel shown in red. It is now slightly above the lower side of the channel. AAVE is consolidating at the 50-day moving average and has moved slightly above the 23.6% Fibonacci Retracement level.

Therefore, there is a likelihood that AAVE crypto will continue rising as buyers target the upper side of the channel at $92. A break below the support at $83 will invalidate the bullish view.


The post AAVE Crypto Price Staggers Amid Mixed On-Chain Data appeared first on Global Coin Report.

Read more at https://globalcoinreport.com/aave-crypto-price-staggers-amid-mixed-on-chain-data/