AERO Surges 22% After Coinbase’s cbBTC Launch
During the past fortnight, the AERO token by Aerodrome Finance, a native coin of a liquidity protocol, has stood out as one of the most profitable digital assets, attracting the attention of numerous traders.
Starting at $0.49 on September 6th, AERO consistently climbed to a several-week high of $0.72 on September 13th, eliminating its prior drop from earlier this month.
The Impact of Coinbase’s Wrapped BTC Launch on AERO Price
Recently, Coinbase introduced its version of wrapped Bitcoin (cbBTC) to compete with other tokenized BTC assets in the market. The announcement cited several DeFi applications, including Aerodrome, Curve, and Uniswap DEXes, as supporters of cbBTC from the onset.
This surge in liquidity from cbBTC seems to have significantly contributed to the rise of the AERO token.
Statistics from TradingView demonstrate that the AERO price spiked from $0.55 to $0.61 on the launch day and then soared to $0.72 within the following day.
AERO’s Short-Term Projection and Price Objective
AERO has shown impressive growth in 2024, with its value increasing more than four times since the beginning of the year. Currently trading at $0.684, the token has experienced a 22% surge in the last week.
Looking ahead, market analysts maintain a positive outlook on Aerodrome’s future expansion.
Chart analyst Decilizer pointed out, “AERO has demonstrated solid support near the $0.44 level, suggesting a potential reversal. With a sustained bullish trend in Bitcoin, it could surpass our next target of $1.25.”
The notable performance of the token, along with the increasing adoption of cbBTC, may facilitate the continuous upward movement of the AERO/USD pair in the near future.