Aerodrome price surges 10% after Animoca Brands announces strategic investment

• Aerodrome Finance price eyes breakout above $1.
• This comes after Animoca Brands announced it market-acquired and staked AERO tokens.
• Market sentiment and the institutional confidence may propel Aerodrome Finance price to $1.34.

Aerodrome Finance (AERO) price is up amid bullish momentum.

The token gained as web3 and gaming investor Animoca Brands makes a strategic investment, a move that helped AERO price extend 24-hours to over 10% and briefly surpass the $1 mark.

The Animoca Brands’ backing of Aerodrome Finance adds to the growing institutional interest in the decentralized exchange project on Base.

Animoca Brands acquires, stakes AERO

Animoca Brands announced its acquisition of AERO tokens on October 28, noting it made purchases on the open market. The company then staked all of these tokens for veAERO, demonstrating long-term commitment to Aerodrome Finance.

Buying and staking AERO aligns with Animoca’s mission to generate value in open networks and support innovative protocols.

As noted in the post above, the company sees Aerodrome as a dominant player on Base. With more than 50% of the DEX total value locked (TVL) on the blockchain, Aerodrome has become the central liquidity hub for the ecosystem.

The investment follows a pattern of institutional backing for Aerodrome, including previous acquisitions by entities like Coinbase Ventures and Wintermute Ventures.

Alexander Cutler, CEO of Dromos Labs and a core contributor to Aerodrome, lauded Animoca’s move. He noted that AERO’s value is accessible only through open market participation and active involvement.

Price outlook: AERO bulls eye breakout above $1

At the time of writing, AERO is up nearly 2% on the day and has extended the uptick to 10% in the past 24 hours.

Over the past week, AERO has climbed 26%. This sees it outperform the broader market gains and form an uptrend since touching lows of $0.70 on Oct. 17.

Currently, price hovers in a key range near $0.99 as bulls aim for a decisive breakout above the $1 psychological level.

If AERO strengthens above $1, it would allow bulls to target the next hurdles around $1.2 and then $1.34.

The RSI at 70 on the 4-hour chart nonetheless suggests gains will firmly push AERO into the overbought zone. However, the MACD points to strength for buyers as the signal line cuts above the zero line, suggesting bullish momentum.

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