AAVE and Monero (XMR) are seeing notable price increases, driven by recent developments. A new governance proposal for AAVE aims to share excess revenue with users. Monero’s price is rising, following a pattern of reaching new highs every three years. These movements reflect ongoing changes in the crypto market and highlight key factors influencing token values.
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AAVE Proposes Fee Conversion Activation
AAVE recently introduced the ‘Activate Fee Conversion’ proposal. This proposal, submitted by Marc Zeller, the founder of Aave Chan Initiative (ACI), aims to share some of the platform’s net excess revenue with its main users.
The AAVE community is currently conducting a temperature check on the proposal. Following this, feedback will be gathered, which could lead to a snapshot vote.
According to @CatchTheLatest, this proposal is a crucial step towards boosting user engagement and rewarding loyalty within the AAVE ecosystem.
Besides, a whale movement was observed recently. The Data Nerd tweeted that a whale withdrew 8,447 $AAVE (worth $789k) from OKX. This whale has accumulated a total of 31,785 $AAVE valued at $3.02M within two months.
This accumulation may be in anticipation of a further price rally fueled Ethereum imminent surge as ETH ETFs gain momentum.
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Monero’s (XMR) Gains Momentum
Monero (XMR) is experiencing a price surge based on historical patterns. X user @mememe69696969 highlighted that XMR has hit a new all-time high every three years.
The last peaks occurred in 2018 and 2021, making 2024 a potentially year for the privacy-focused crypto.
Moreover, as noted by altFINs Monero has also shown promising signs of a bullish trend. Following a breakout from a Channel Down pattern, the price broke above the 200-day moving average, signaling a trend reversal to an uptrend.
According altFINs, XMR reached its near-term target of $180 resistance after being rejected several times in late 2023. Monero was delisted on OKX and Binance in February, causing a price drop. However, altFINs noted that a relisting on Coinbase has renewed investor interest.
altFINs suggests buying on pullbacks to the $146-$150 support zone with a +20% upside potential to $180. The nearest support zone is at $150, while resistance levels are at $180 and $200.
Current Price Data
Per CoinGecko data at press time, XMR trades at $170.28, with a daily trading volume of $137,614,444. This marks a 9.15% increase in the day and a 6.74% rise over the past seven days. Similarly, AAVE price is at $102.26, with a trading volume of $324,665,844, reflecting a 15.71% and a 3.78% rise in the past day and week.
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