Aave tops social activity ranking – this is why

Posted: September 24, 2023

• A ranking of top coins placed Aave at the top of the social activity ranking.
• AAVE has been trending upward for almost two weeks.

A recent data analysis that assessed social activities across the internet has positioned Aave [AAVE] at the top of the rankings. Given this latest ranking, what is the current status of its social engagement and price trends?

How much are 1,10,100 AAVEs worth today?

Aave tops social rankings

Lunar Crush’s recent ranking has placed Aave as the foremost asset in terms of social activity across the internet. This ranking was determined by comparing its social activity to itself, using data collected from various sources on the web.

Top ten coins average LunarCrush Galaxy Score™ this week:

Galaxy Score™ constantly measures a coin against itself with respect to the social activity metrics pulled in from across the web.https://t.co/flocI9jDEP pic.twitter.com/667al3g3v7

— LunarCrush Social Trends (@LunarCrush) September 22, 2023

How do Aave’s social metrics stack up?

As per the social dominance metric provided by Santiment, discussions regarding Aave have remained relatively low, failing to surpass the 1% mark for nearly seven months.

At the time of this writing, the social dominance chart displayed indications of an upward trend, sitting at approximately 0.05% after initially declining to around 0.03%. 

Source: Santiment

Furthermore, the social volume did not show signs of significant improvement, and it also experienced a decline. As of this writing, the social volume was around three, although it might experience an increase before the day concludes.

Spike in active addresses?

An examination of Aave’s 24-hour active addresses revealed that there has not been any notable surge in active addresses over the past 24 hours. Instead, it exhibited typical activity levels. At the time of this report, there were approximately 573 active addresses.

Source: Santiment

Furthermore, when inspecting the active addresses chart for V3, it becomes evident that there has not been any significant activity either. As of this writing, a decline in active addresses was noticeable, with approximately 82 active addresses.

AAVE on a roll

Examining the daily timeframe chart of Aave revealed an interesting trend. Over nearly two weeks, it has closed trading at a loss only once. This loss occurred on 21 September, resulting in a decline of over 4.5% in its value.

However, Aave quickly recovered some of these losses on 22 September, closing with a gain of over 3% in value. These consecutive uptrends translated to an impressive overall gain of approximately 18% in value in less than two weeks.

The positive performance could be a contributing factor to its high Lunar Crush social ranking.

Source: TradingView

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Nevertheless, as of this writing, it was trading at a slight loss, although it was less than 1%, with a price of approximately $63.8. It’s important to note that this decline has not been significant enough to disrupt its ongoing bullish trend.

Additionally, as of this writing, the Relative Strength Index (RSI) line was trending above 60, indicating a relatively strong position in the market.