The price of AAVE $174.6 has increased by 25% in the past day, reaching a high of $270. Its market capitalization is now close to $4 billion.
The altcoin has had a remarkable 90% increase in value since its April low of $137. The Senate is taking steps to create a stablecoin regulatory environment, which is crucial for DeFi protocols like Aave, thanks to today's AAVE price increase. Given Aave's reliance on stablecoins such as USDC, DAI, and its own GHO, regulatory clarity may encourage increased institutional involvement and boost ecosystem trust.
The result of today's price surge is a huge 65% increase in daily trade volumes, which have now surpassed $800 million.