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Aave has witnessed a 14.97% price surge to $93.18 this week, with its social dominance hitting 0.4%, making it the 31st most popular crypto in the market.
According to social analytical platform LunarCrush, Aave (AAVE), the open-source liquidity protocol, has experienced a remarkable week, as its price increased by 14.97%, now trading at $93.18. This has led to a surge in its market cap to $1.39 billion.
In addition to this bullish performance, LunarCrush further reported a rise in AAVE’s social dominance, positioning it as the 31st most popular crypto on social media. This increased social dominance has contributed to a 41.84% spike in 24-hour trade volume, currently sitting at $125.5 million.
You may have already known that $AAVE is having a great week with price moving up +14.97% but did you know its share of social activity is also increasing?
📊 #AAVE social dominance hit .4% of all social activity across the entire crypto market earlier today, placing it as the… pic.twitter.com/aiBFwrGp8q
— LunarCrush Social Intelligence (@LunarCrush) July 11, 2024
Aave Social Metrics
Specifically, data confirms that AAVE’s social dominance saw a 54.4% increase, reaching 0.4% of all social activity in the crypto market. Despite this rise, the number of posts created decreased by 28.2%, and posts with interactions fell by 40.7%.
Additionally, creators with interactions dropped by 38%, and creators posting declined by 21.6%. However, interactions rose by 9%, and sentiment towards AAVE improved by 5.7%. This shift in social metrics suggests a growing discussion and presence of AAVE on social media platforms.
Volatile Yet Consistent Interest in Aave
Per IntoTheBlock data, the search interest for Aave has been more volatile yet generally stable, with notable peaks around mid-April and mid-May. Currently, this interest is hovering between 67 and 100 on the index.
Elsewhere, the interest in Aave Lending has remained relatively stable, exhibiting minor fluctuations without significant peaks or drops, which indicates consistent engagement in this specific aspect of the crypto project.
The search trend for AAVE’s price, depicted in black, has shown more pronounced fluctuations, closely mirroring the actual price movements. Significant spikes in search interest correlate with sharp price movements.
Investor Success and Correlation
In related news, an early investor in AAVE previously demonstrated the long-term potential of the DeFi protocol. Initially, the investor purchased 12.5 million LEND tokens for approximately $500,000 at $0.04 each. In 2020, Aave converted LEND tokens to AAVE at a 100:1 ratio, resulting in 125,000 AAVE tokens.
Interestingly, late last year, the investor sold 30,000 AAVE tokens via the DeFi protocol Cumberland, realizing $3 million, a 500% return on investment. At the time, the investor still held over 100,000 AAVE tokens, worth around $10 million.