AAVE jumps 15% after $1M weekly buyback proposal
The Most Important Points in Brief
AAVE recorded a 15% price increase after a $1 million weekly buyback program was proposed. Over the past three months, more than 480,000 AAVE tokens have been withdrawn from exchanges, indicating increased accumulation. Despite this positive development, the overall market structure remains bearish.
Buyback Program as a Potential Price Driver
The Aave Chan Initiative (ACI) has proposed a buyback program that would allocate $1 million per week over six months for the repurchase and distribution of AAVE tokens. This program could be extended, leading to increased demand and reduced supply. This could have a positive impact on the token’s value in the medium to long term.
Price Development and Market Sentiment
After reaching a high of $399 in December, the AAVE price dropped by over 50% to a low of $167. The recent recovery brought the token back into its downward trend channel. To initiate a sustainable trend reversal, the price would need to surpass the $227 mark and stabilize above the moving averages at around $250.
However, the current market sentiment remains cautious. The Relative Strength Index (RSI) is below the neutral range, indicating limited demand. Marc Zeller, founder of the Aave Chan Initiative, described the planned change in token economics as one of the most significant in the protocol’s history. DeFi analyst Ignas highlighted that Aave has a well-funded treasury, which has increased by 115% to $115 million.
Increasing Accumulation of AAVE
Since the price decline in December, AAVE reserves on exchanges have decreased from 2.8 million to 2.38 million tokens. This represents a withdrawal of 480,000 tokens worth more than $96 million. This trend suggests that investors have been accumulating during the price drop. If overall market sentiment improves, this could have a long-term positive effect on the AAVE price.
Our Assessment
The planned buyback program could provide short-term price stability and strengthen token economics in the long run. The key factor will be whether AAVE can break through resistance levels and establish itself above the moving averages. The ongoing accumulation indicates investor confidence, but overall market sentiment remains an uncertainty factor.
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