Unraveling AAVE’s reaction to the launch of the Lens Protocol - Aliens: AI Crypto News & Markets Updates
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Unraveling AAVE’s reaction to the launch of the Lens Protocol

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AMB Crypto

Tue, May 24, 2022

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Aliens TLDR

Following the launch of the Lens Protocol, Aave’s native token AAVE made some significant strides.

With a general bullish sentiment underway in the cryptocurrency market, indicators on price charts reveal that this DeFi token is positioned for a bullish take-off.

Thanks to the Lens and the ongoing bullish correction in the cryptocurrency market, the last six days have been marked with growth in price for the AAVE token.

A quick read of the price charts revealed a bullish trend since 20 May, two days after the launch of the Lens Protocol.

Standing at $1.36 billion at press time, the market cap also recorded growth from the $1.27 billion mark it stood at, six days ago.

Recording a high of 1.08 million on 19 May following the launch of the protocol, the index for the transaction volume of the AAVE token has since reached new lows.

On a social front, the token recorded highs on 18 May following the announcement.

In addition, the number of daily active addresses transacting the AAVE token saw a high of 799 on 19 May. This was soon followed by a reversal pushing the same to stand at 231 at press time

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