AERO price steady as smart money accumulates, Nansen data shows

The Aerodrome Finance token continued its strong rise, rising for eight consecutive days as trading volume increased and smart money investors entered the market.

Aerodrome (AERO) price rose to $1.9446 on December 6, its highest level since April 24.

According to DeFi Llama, the decentralized exchange network processed $7 billion worth of coins in the last 30 days. The 24-hour trading volume was 1.46 billion dollars and the cumulative volume was 81.18 billion dollars.

This volume positions Aerodrome as the leading DEX protocol on the Core Blockchain. Its weekly volume also exceeds the Base versions of Uniswap and PancakeSwap.

Aerodrome Finance has seen its total value locked in recent weeks amid rising cryptocurrency demand. The platform’s TVL now exceeds $1.64 billion, making it among the top players in decentralized finance

Data shows that the network is also seeing strong fees. In a post published on December 5, the developers said that the Slipstream product generated a record $950,000 in fees, and that trend could continue.

Slipstream Daily Fee Record ✈️🏆

Yesterday, December 4th, Slipstream set a new record by generating ~$950K in fees. Concentrated liquidity swap fees have increased steadily, enabling low-slip swaps for high-volume assets. pic.twitter.com/eKNEXBMCyW

— Airport (@AerodromeFi) December 5, 2024

AERO’s price gains are supported by data showing strong interest from smart money investors. According to Nansen, it holds 45 smart money wallet tokens, marking an all-time high. These investors collectively own approximately 14 million tokens worth $26.6 million.

Smart money investors are buying AERO | Source: Nansen

AERO is gaining traction due to the expanding Base Blockchain ecosystem. Meme coins such as Brett on Base (BRETT), Keyboard Cat, Degen, and Toshi have grown in popularity, reaching a total market capitalization of $3.6 billion.

AERO price technical analysis AERO price chart | source: TradingView

The daily chart shows that AERO has been in a strong uptrend in recent months. It has broken above the key blue trend line connecting the highest swings since July 18.

Breaking above this level was important as it invalidated the emerging wedge formation. A wedge is a risky formation that forms when two trend lines rise and approach each other.

AERO remains above the 50-day and 25-day Exponential Moving Averages, indicating that the bulls remain in control. The Relative Strength Index rose to 71, indicating continued momentum.

Therefore, the next point to watch will be the March high of $2.3727, which is about 25% above the current level. Conversely, a move below the 25 EMA at $1.50 would invalidate the bullish view.