- A decentralized finance protocol Whale activity has increased significantly on Aave as the market tries to bounce back from the latest meltdown that pushed most cryptocurrencies into critical support zones earlier this week.
Details showing whales have aggressively accumulated Aave Aave aave -1.14% Aave over the previous two days were shared by Lookonchain on July 31. According to the data, whales withdrew over 58,848 AAVE, worth $6.47 million, from exchanges during this period.
One time, the whale address 0x9af4 removed 11,185 AAVE, or $1.23 million, from Binance. Tokens worth about $2.38 million were moved from the exchange to a different address in the interim, transferring 21,619 AAVE into Aave.
Following the whale address 0xd7c5’s earlier transfer of 26,044 AAVE, or more than $2.83 million, off of Binance, these withdrawals have occurred.
Due to pressure from these whales on the buy side, the price of AAVE increased by over 7% in the last day. After rising by more than 18% over the previous week, the DeFi token is currently trading at over $111.
Marc Zeller, the founder of Aave, has disclosed a fee flip plan that aims to execute a buyback program for AAVE tokens, which caused the price of AAVE to rise by +8%.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
