Is AAVE in a position to GHO-st to the top after a strong July

ambcrypto.com:

On 7 July, leading Decentralized Finance (DeFi) protocol AAVE announced plans to launch the network’s overcollateralized stablecoin – GHO. This decision was made subject to the community’s approval.

Voting by community members on the proposal started on 28 July and ended on 31 July. According to the tallied votes, 99% of voters supported the creation of the GHO stablecoin, pledging 501,000 AAVE tokens.

When AAVE announced its intention to launch GHO, its native token, AAVE, rallied by 45%. This ended the token’s prolonged bearish run. In fact, over the last 30 days, AAVE has appreciated significantly on the price charts. 

H1 2022 was a 6-month period marked by a severe decline in the prices of many crypto-assets, including Bitcoin and Ethereum. Amidst the market bloodbath, the price of AAVE declined by 79%, with the alt ending Q2 around the $50-price level. 

July, however, ushered in a bullish retracement, one that saw many crypto-assets posting significant gains. Riding on the impact of the general bullish market and the news of its stablecoin launch, AAVE recorded a 75% uptick in just 31 days.

Still reeling under the impact of the prolonged bear market, AAVE started the month with an index price of $56.36. The altcoin later embarked on an upward rally as the rest of the cryptocurrency market recovered, causing it to end the trading month at $98.38.

Ranked 41st on CoinGecko at press time, AAVE’s market capitalization rose from $784 million to $1 billion over the period under review.

Furthermore, within the 31-day period, the crypto’s trading volume grew by over 300%. 

Source: Santiment

The last 24 hours have been significant too. Data from CoinMarketCap revealed significant trading activity, with volume up by 92% over the