Aave Network Growth Spikes to July Highs: $111 on Cards?
The DeFi market has been in its recovery mode over the past few days. The cumulative market capitalization of all tokens from the space has risen by ~20%—from mid-October’s wick low of $37.8 billion to $45.05 billion. Source: TradingView Resultantly, tokens from the space—like Aave—have been pulling up their socks. At the beginning of the week, Ethereum whales were eying this token. Per WhaleStats, Aave was a part of the top 10 purchased tokens among the 500 biggest ETH whales on Monday. The effect of the same was reflected in the rise in the aggregate exchange outflows. According to data from ITB, the outflow volume stood at 8.23k tokens on October 30. However, at press time, the reading of the same metric was already up to 13.06k, bringing to light the gradually forming buying interest. Alongside, it is interesting to note that Aave is currently seeing its highest network growth since mid-July. As illustrated below, over 495 new addresses have been created on the netw...