Aave has become one of the top-performing cryptocurrencies in the last 24 hours, with a price increase of over 30%. This rise in the AAVE price happened as the crypto market recovered today.
Why is AAVE going up?
Aave (AAVE) has performed well in 2024, with its price rising 228% since the beginning of the year and 327% in the last six months. Its price jumped from below $100 in July to over $355 today, a level not seen since 2021.
In the last 24 hours, AAVE’s price rose impressively from $268 to $355.71. However, the trading volume only increased by 3.56% in that time.
One reason for the price spike in AAVE is the news that Donald Trump’s World Liberty Financial project spent over $12 million on Ethereum, AAVE, and Chainlink (LINK) in the past 10 hours.
Trump’s interest in Aave may have caught the attention of crypto traders looking to profit from this potential rise.
According to SpotOnChain, World Liberty Financial bought 3,357 AAVE tokens for 1 million USDC at an average price of $297.8 each. This was the fund’s first purchase of Aave (AAVE) and Chainlink (LINK).
Is $1,000 the next milestone for AAVE price?
There are AAVE price predictions that the DeFi lending token will hit new highs during this bull cycle. The highest price ever recorded for AAVE was $666.86 in May 2021. It is currently 48.47% away from reaching that highest point again.
Some experts predict that AAVE could exceed $1,000 this cycle due to recent adoption and an increase in total value locked over the past few months.
Reaching $1,000 by 2025 seems possible, as the stock only needs to increase by about 49.94% from its all-time high during the last bull run cycle.
Meanwhile, another expert suggests that around $628.5 per AAVE is an important price level to watch in the coming weeks.
Javon Marks, a crypto analyst with about 47.5k followers on X, has shared his AAVE price predictions. He believes the token is on track to reach the $628.5 target after exceeding $300 in the last few hours.
He states another price increase of over 100% for the token is likely. If this happens, it could rise toward or above $700 soon.
The crypto and blockchain data platform Santiment also commented on the AAVE price outlook. They noted that as the price went over $300 today, there were significant drops in the “Mean Dollar Invested Age.”
The Mean Dollar Invested Age measures how long each dollar has been invested in a cryptocurrency. The analysts pointed out that when this number drops sharply, large investors often sell or move their old coins, which can push the price higher.
If these big investors, called “whales,” keep moving their coins, the price may continue to rise. However, the price could drop again if they slow down or stop.
Read more: Can Avalanche Price Soar to $1k as One Crypto Pro Predicts
