AAVE Token Dips 5% Despite $24.99B Collateral and Sony-Backed Soneium Layer 2 Launch

AAVEUSDT is currently trading at $272.08 on Binance, reflecting a 5.15% decline over the past 24 hours from a 24h open of $286.85. The recent price drop appears to be driven by short-term profit-taking and broader market volatility, despite positive sentiment from Aave’s official deployment on the Sony-backed Soneium Layer 2 blockchain, ongoing liquidity incentive campaigns, and strong fundamentals such as over $16.9 billion in active loans and $24.99 billion in collaterals. Trading volume remains robust, with 24-hour volume ranging from $489.94 million to $624.86 million and a current market capitalization between $4.17 billion and $4.24 billion, indicating sustained market interest and engagement even amid the price correction.