The most defensible maximum realistic range is approximately $1,000–$1,500 per AAVE, implying a market capitalization of roughly $15.4–$23.1 billion at the current circulating supply. That is an ambitious outcome, not a baseline forecast. A return to the previous all-time high near $661 appears more attainable under a strong DeFi cycle, corresponding to approximately $10.2 billion in market capitalization today. A move materially above $1,500 would require Aave to become a major institutional and tokenized-asset credit platform, with substantially clearer value accrual to AAVE holders than exists today.