- Aerodrome Finance announced the Base Ecosystem fund, led by CB Ventures, had market-acquired a position in AERO.
- AERO price jumped more than 115% to hit an all-time high of $0.2522 on Tuesday.
- Aerodrome Finance is a liquidity protocol on Base, an Ethereum layer-2 launched by Coinbase.
Aerodrome Finance, the largest trading and liquidity marketplace on Base, is experiencing a massive surge in buying for its native token AERO.
With its price at $0.2271 on Tuesday, the AERO token has jumped a staggering 1,225,529.89% from its all-time low of $0.00001861. Data from CoinGecko shows the cryptocurrency reached this level just four months ago on October 17, 2023.
Today’s 115% spike in AERO prices has the altcoin trading more than 175% up this past week. The 24-hour volume for Aerodrome Finance is $72 million, which represents a 2,000% jump in network activity.
Why is AERO price skyrocketing?
Aerodrome Finance’s price surge comes amid the latest news that the CB Ventures’ Base Ecosystem Fund had acquired an AERO position.
The announcement did not disclose the value of the “market-acquired” position, but the reaction to this news saw AERO price go vertical.
“The Base Ecosystem Fund, led by CB Ventures, was launched to invest in the next generation of onchain projects building on Base. We’re excited to announce that the Base Ecosystem Fund has market acquired a $AERO position. Together we’ll build the future of Base,” the Aerodrome Finance team posted on X.
Base’s DeFi TVL has surged in recent months amid growth for Aerodrome Finance.
AERO traded to its current all-time high of $0.2522 on February 27, 2024.