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Is Aave Companies’ latest acquisition an attempt to boost AAVE’s price action

Is Aave Companies’ latest acquisition an attempt to boost AAVE’s price action
  • Aave Corporations confirmed the acquisition of Sonar, a Web3 social gaming utility
  • AAVE’s value continued to say no and remained considerably unprofitable 

Aave Corporations, the builders of DeFi protocol Aave and decentralized social community Lens Protocol, announced the acquisition of web3 social gaming utility Sonar on 5 December.

Following the acquisition, Sonar can be built-in with Lens Protocol. Because of this, Sonar customers and its Moji NFT holders will have the ability to mint their Lens account profiles at for the subsequent two weeks. 

Learn Aave’s [AAVE] Value Prediction 2023-2024

Sonar’s co-founders, Ben South Lee and Randolph Lee, the corporate’s Head of Progress Armand Saramout, and engineer Paul Xu will be a part of Lens’ improvement crew following the acquisition. They goal to,

“Deal with constructing cell consumer-facing social functions powered by Lens in addition to different web3 shopper functions launching in 2023.”

AAVE on the chain

In accordance with information from CoinMarketCap, AAVE traded at $63.97 at press time. Because of the influence of FTX’s sudden collapse, the token’s value declined by 30% in November. 

Moreover, every day lively addresses and new demand for AAVE dropped drastically. As per information from Santiment, final month witnessed the rely of distinctive addresses that traded fall by 83%. Likewise, the rely of latest addresses that joined the community every day declined by 63%. 

Supply: Santiment

Nonetheless, inside that very same interval, AAVE recorded a drought of whale transactions. Information from Santiment revealed that within the final 30 days, solely 9 whale transactions exceeded $100,000.

Furthermore, whale transactions of over $1 million have been virtually non-existent throughout the interval beneath assessment – just one transaction was accomplished within the final 30 days.

Supply: Santiment

Moreover, holding AAVE has been considerably unprofitable for its buyers within the final month. In truth, this has been the scenario because the starting of the yr. As of this writing, AAVE’s Market Worth to Realized Worth (MVRV) posted a destructive worth of -77.57%. This confirmed that sell-offs at their present value would solely return losses on such an funding.

With a continuous decline in value, buyers’ sentiment remained destructive at press time. 

Supply: Santiment

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