Aave V3 funding news may have this impact on alt price action

According to a tweet from the Aave protocol, the scheme for compensation Aave members of the company with $16.28 million in retrospective financing for the development Aave V3 protocol is lit green.

Now, the question – Dare the community and prospective buyers happy with this development?

New updates are here

The V3 protocol aims to solve several problems. It will focus on new modes of operation that enable increased capital return while limiting risks to the protocol. In addition, it will incorporate risk management improvements, while providing additional protection to the protocol and many other L2-specific upgrades.

The announcement of this update had an impact on the crypto community with some crypto whales taking note. In fact, according to a tweet by WhaleStats, $AAVE is again among the top 10 tokens bought by the top 100 BSC whales in the last 24 hours.

Interestingly, whales aren’t the only community that AABE has garnered interest from, but AABE has also been making noise on social media. The altcoin has seen a 12.5% ​​increase in its social mentions over the past 7 days, which seems to be a good sign for AAVE.

However, AAB has not been able to perform well in other aspects of social media, especially the social dominance aspect, since last week. After a spike on September 6th, AAVE’s social dominance has been relatively low and there hasn’t been much publicity surrounding the token in recent days.

Source: Santiment

Here are the pointers

Now, it’s hard to put a pin on what the social media landscape looks like for AAB right now. It is worth noting, however, that the whales have shown their interest for some time.

Addresses holding more than $1 million have been steadily increasing over the past 3 months with a massive 54.55% increase in the number of addresses holding this amount. AABE’s outstanding capitalization is also on the rise, with the same hike of about 64.76% over the past 3 months.

Source: Messari

Although there are many factors in AAVE’s favor, the price of the token has decreased by 2.54% in the last 24 hours. The price has been trading within the $94.36 resistance and $78.66 support in recent weeks.

The RSI appeared to be near 50 and the CMF near 0 as both indicators were moving sideways. It would be safe to say that the momentum right now is neither for buyers nor for sellers.

Although AAVE has a lot going for it, its future still seems uncertain. Readers are therefore advised to do their own thing research before entering this trade.

Source: AAVE/USD, TradingView

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