Aave has experienced a remarkable surge of about 33% over the past week, with its price currently standing at $127.95. This impressive rally has boosted its market capitalization to $1.91 billion, while its 24-hour trading volume has soared to $310.5 million, marking a 116% increase. Over the last 24 hours alone, Aave’s value has surged by 13%.
The recent uptrend has led to significant liquidations, particularly of short positions. From August 13 to August 20, a staggering $1.33 million in total liquidations occurred within just 24 hours. This figure includes $224.81K in liquidated long positions and $1.10 million in liquidated shorts.Â
Notably, on August 20 alone, Aave saw $666.42K worth of shorts liquidated, reflecting the intense market pressure and volatility. This wave of liquidations underscores the volatility and active trading surrounding Aave as it continues to make headlines in the cryptocurrency space.
Aave’s impressive rally and the corresponding surge in liquidations highlight a robust market response to its recent price movements. The sharp rise in both its value and trading volume indicates renewed investor confidence. However, the substantial short liquidations also point to a potentially overheated market.
As Aave continues to experience high volatility, it will be crucial to watch how this trend evolves. Will Aave sustain this momentum, or are we on the verge of a market correction?
Also Read: Toncoin’s 9% Surge Defies Crypto Market Decline
