AAVE hit another all-time high, breaking $ 500 after famous investor Mark Cuban announced that the token was part of their portfolio.
The Cuban Effect
Due to the strong rally, the market capitalization of the Aave (AAVE) token rises to 6.2 billion US dollars. According to market capitalization, it is in the immediate vicinity of the ten most important cryptocurrencies behind Stellar Lumens (XLM) and Bitcoin Cash (BCH).
In addition, the top decentralized finance (DeFi) project now has a Total Value Locked (TVL) of nearly $ 4.5 billion, a measure of the value of cryptocurrencies used in DeFi projects. This solidifies its position as TVL’s second largest DeFi project behind Maker. However, with just $ 900 million separating the two, Aave could soon take the top spot.
Cuban, famous for his role as the main shark on the reality television series Shark Tank, announced during an AMA that AAVE is part of its cryptocurrency portfolio. The investor explicitly mentioned DeFi in one of his replies, adding that he owns AAVE, SUSHI, ETH, BTC and LTC.
AAVE leads the DeFi package
AAVE’s rally leads to a broader market appreciation for the DeFi sector. On February 4, TVL surged over $ 30 billion, an all-time high. This is partly due to AAVE as TVL is up 25% since the start of the year. The combined TVL is currently $ 32.5 billion.
Other DeFi tokens are also making daily highs. SushiSwap’s native token, SUSHI, surged above $ 16 for the first time since its inception, hit an all-time high, and got into pricing. It also climbed the DeFi TVL rankings, finishing in sixth place after its rally with a TVL of $ 2.9 billion. That puts it just behind fifth place, Curve Finance ($ 3.4 billion).
Alpha Finance Lab (ALPHA) also made waves this week after releasing the highly anticipated leverage staking product Alpha Homora v2. Since January 22nd, ALPHA’s TVL has increased by almost 100% and thus secured a place in the top ten of TVL’s DeFi projects.
Notes are in this old season
Prominent notes mark this year’s old season. Today, February 4th, Dogecoin (DOGE) honorary CEO, Elon Musk, returned to Twitter after a brief absence with a spate of DOGE-related tweets.
As is the custom today, this resulted in the price almost doubling within a few hours. The frequency of Musk’s recommendations prompted a study by the Blockchain Research Lab that specifically looked at its effects on DOGE and Bitcoin (BTC).
It seems that Cubans take inspiration from the richest man in the world. And if the Cuban continues at this pace, he could be the focus of his own study. At press time, AAVE was trading hands at $ 497.00 per coin.
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