- Upbit, Korea’s leading cryptocurrency exchange, today announced the listing of AAVE.
- Aave price rebounded 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 add to the overall value locked into a decentralized financial ecosystem.
Open source and undisclosed DeFi protocol Aave rose in price after Korea’s leading exchange, Upbit, announced its listing.
Upbit announced the listing of AAVE and 1inch, sparking a price rally
Upbit announced today that the Bluechip DeFi projects AAVE and 1inch will be listed on its platform. The tokens then hit higher highs on a day when Bitcoin saw its price drop 6%.
According to CryptoQuant analysts, AAVE’s rally to $ 452.38 and 1inch’s rally to a new all-time high could have been triggered by what identified it as Upbit users trying to arrange through overseas exchanges like Binance.
Upbit is a leading Korean exchange that was among the leading global exchanges within two months of its inception. Upbit is a BTI verified exchange and is one of the cleanest cryptocurrency exchanges in BTI’s global ranking.
Analysts are debating whether listing news for the Korean cryptocurrency exchange is having a similar impact on asset prices as Coinbase’s announcements. The “Coinbase Effect” drives up cryptocurrency prices before the token is introduced on the platform.
The announcement of Upbit’s listing impacted the price of AAVE and 1inch with no other known catalysts in the two protocols. While most of the altcoins suffered a bloodbath alongside Bitcoin and Ethereum, 1inch, AAVE, SHIB and a few others continued their upward trend.
Upbit has 1inch and AAVE listed on its KRW fiat crypto market.
AAVE is one of the most competitive logs in terms of accumulated log revenue for the past month.
Log sales for the last 30 days.
Alongside AAVE, 1inch – the DEX aggregator’s native token – rose nearly 100% to hit a new all-time high of $ 8.65.
AAVE has offered the second highest risk-adjusted returns for the past 24 hours. AAVE is one of the protocols with the largest total locked-in value (equal to market capitalization) among the DeFi projects in the ecosystem.
The AAVE protocol has a security rating of 95 (one of the highest among the DeFi protocols) and analysts expect the token to continue on its upward trend.
The pseudonymous cryptocurrency analyst @SmartContracter recently shared its price prediction for AAVE in a tweet.
Comments are closed.