Is the next major breakout for AAVE very close after a 21% jump?
The AAVE token emerged as the biggest winner, rising by over 21%.
The daily trading volume increased by 94%.
Aave DAO has initiated a major governance proposal to enhance the AAVE token economy. This proposal seeks approval for the first part of the updated Aavenomics application. It updates AAVE tokens, redistributes the protocol's excess revenue, and updates the secondary liquidity protocol management for AAVE.
Approval will lead to the implementation of these changes through an official governance framework. The Aavenomics TEMP CHECK update was approved six months ago. Notably, Aave's market share has increased every quarter over the past two years, surpassing $200 million in GHO supply.
Following the governance proposal, the price of AAVE saw an increase of over 21.11% and emerged as the biggest winner. The asset broke through critical resistance levels at $191.36 and $209.74.
In the early hours, the asset was trading at $171.94, and eventually built momentum to reach a high of $216.11. At the time of this report, AAVE is trading at $212.35.
Furthermore, a liquidation of $2.35 million for AAVE was observed in the market during this timeframe, according to Coinglass. Meanwhile, the daily trading volume of the asset reached $689 million.
