Aave’s LEND token, along with its new token AAVE, has dropped heavily in the past 24 hours despite stagnation in the Bitcoin and Etheruem price. The coin currently trades down 15% over the past day, underperforming BTC’s mild -0.5% performance.
The cryptocurrency’s drop comes in spite of Aave having fundamentals that are stronger than ever. Not to mention, all of DeFi remains in a trend of growth as investors continue to scrap traditional platforms for these new blockchain-based applications that can sometimes provide a better user experience.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Aave Drops 15% Amid Strong Fundamental Trends
The drop in the price of LEND/AAVE comes in spite of the Aave protocol itself touting strong fundamental trends.
Spencer Noon, head of DTC Capital, once said that the coin may be the “most undervalued DeFi token today”:
“One of the best signals of PMF in #DeFi is if a project can