Coinbase Ventures, the investment arm of crypto exchange Coinbase, has continued to purchase massive amounts of Aerodrome Finance (AERO) tokens since Aerodrome revealed that the investment firm bought AERO tokens on the market, as per Nansen.
Coinbase Ventures Continues to Accumulate AERO Tokens
Crypto analytics platform Nansen disclosed that Coinbase Ventures hasn’t stopped buying Aerodrome Finance (AERO) tokens. The company has accumulated more than 4.7 million AERO tokens worth $2.7 million, as per on-chain data of transfers from the Coinbase Venture address.
Large entities like crypto firms use individual TradingVaults to build positions in tokens. In July start, Coinbase Ventures also used TradingVault to further add 1.5 million AERO tokens to its holding. “All the tokens Coinbase Ventures have acquired are locked up within the wider Aerodrome Finance ecosystem, said Nansen.
Aerodrome previously revealed that the Base Ecosystem Fund led by Coinbase Ventures market acquired AERO tokens. The fund invests in the next generation of on-chain projects built on the Base chain.
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AERO Price Performance
Aerodrome recently reported that it hit $1 billion in cumulative volume within 7 months and skyrocketed to $15 billion in three months after Slipstream pools were deployed.
Aerodrome Finance (AERO) price gained over 500% after Coinbase Ventures acquired AERO tokens. In the last 24 hours, the price has dropped 1% after a 15% rally in a week. The 24-hour low and high are $0.603 and $0.631, respectively.
Furthermore, trading volume has also dropped by 12% in the past 24 hours, indicating a decline in interest among traders. A breakout above the $0.65 resistance level to likely trigger a further rally.
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