AAVE price and on-chain activity explodes after Upbit listing
- Upbit, Korea's leading cryptocurrency exchange, announced the listing of AAVE earlier today.
- Aave price rallied in response to the listing announcement, and the token offered the second-highest risk-adjusted returns over 24 hours.
- Bluechip DeFi projects like Curve Finance and Aave Protocol drive total value locked in a decentralized finance ecosystem higher.
Open source and non-custodial DeFi protocol Aave noted a surge in price after Korea's top exchange Upbit announced its listing.
Upbit announced AAVE and 1inch listing, triggering a price rally
Upbit announced that Bluechip DeFi projects AAVE and 1inch would be listed on its platform earlier today. The tokens then went on to post higher highs on a day when Bitcoin experienced a 6% price drop.
According to CryptoQuant Analysts, AAVE's rally to $452.38 and 1inch's rally to a new all-time high may have been triggered by what it identified as users on Upbit trying to arbitrage through overseas exchanges like Binance..
Upbit is a leading Korean exchange that ranked in top global exchanges within two months of its launch. Upbit is a BTI verified exchange, and it's included among the cleanest cryptocurrency exchanges in BTI's global ranking.
Analysts are debating whether listing news for the Korean cryptocurrency exchange has a similar effect on asset prices as Coinbase announcements. The "Coinbase effect" drives cryptocurrencies prices higher before the token's launch on the platform.
Upbit's listing announcement impacted AAVE and 1inch price without other known catalysts in the two protocols. While most altcoins suffered a bloodbath alongside Bitcoin and Ethereum, 1inch, AAVE, SHIB and a few others continued an upward climb.
Upbit listed 1inch and AAVE in its KRW, fiat-crypto market.
AAVE is one of the most competitive protocols in cumulative protocol revenue over the past month.
Protocol revenue past 30 days.
Alongside AAVE, 1inch – the native token of the DEX aggregator – surged by nearly 100% and hit a new all-time high of $8.65.
AAVE has offered the second-highest risk-adjusted returns over the past 24 hours. AAVE is one of the protocols with the largest total value locked (the equivalent of market capitalization) among DeFi projects in the ecosystem.
AAVE protocol has a security score of 95 (one of the highest among DeFi protocols), and analysts expect the token to continue its upward trajectory.
Pseudonymous cryptocurrency analyst @SmartContracter shared his price prediction for AAVE in a recent tweet.
$aave putting in a solid weekly higher low here.
— Bluntz (@SmartContracter) October 26, 2021
with bluechips like crv already moving im going to assume other bluechips have bottomed and are not far behind.
defiszn is near and aave is an old favourite of mine.
10% off fees https://t.co/735xxHRpDX pic.twitter.com/XHU7u8usKt
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
