AAVE, the native cryptocurrency of the decentralized finance (DeFi) protocol Aave, has seen a massive surge in whale activity recently. As a result, the AAVE price has shot up by 8% in the last 24 hours moving all the way to $135 levels.
AAVE Price Shoots 8% Amid Whale Activity
As per the recent data from Spot On chain, two AAVE whales have withdrawn a staggering 67,197 AAVE tokens, valued at $9.02 million from crypto exchange Binance in the last 24 hours.
Two whales, identified as 0x3f9 and 0x64c, that likely belong to the same entity, withdrew 16,592 AAVE tokens worth $2.22 million for the first time about 50 minutes ago. On the other hand, another address 0xa92 withdrew a total of 50,605 AAVE tokens valued at $6.8 million some 20 hours before. Thus, the total withdrawals for AAVE stand at 125,605 tokens, worth a staggering $16.9 million.
The significant whale activity comes as AAVE has been gaining traction due to its new economic model. Since late July, the AAVE price has surged from $90 to $143, making it one of the top-performing DeFi tokens in the market.
Three whales have withdrawn 67,197 $AAVE ($9.02M) from #Binance in the past 24 hours!
1. Two whales, 0x3f9 and 0x64c (likely one entity), withdrew 16,592 $AAVE ($2.22M) for the first time ~ 50 mins ago.
2. Multisign 0xa92 withdrew 50,605 $AAVE ($6.8M) ~ 20 hours ago, now… pic.twitter.com/tcCA76Iobj
— Spot On Chain (@spotonchain) September 5, 2024
DeFi token AAVE has actively participated in the crypto market rally with the AAVE price gaining over 142% over the past year. Earlier in March, the DeFi token touched a high of $153.27 before retracing back. Some market predictions also suggest that AAVE will top $200 by September end.
The technical chart shows that the AAVE price has given a breakout from the converging channel pattern and is ready for another 25% all the way to the $168 level. Also, the daily trading volumes have surged by more than 50% which could support the move further. Thus, continued AAVE whale activity can make this possible. World of Charts shared the breakout of AAVE expecting further rally ahead.
Key Developments in the Ecosystem
Aave Labs recently announced its collaboration with MakerDAO for an ambitious project dubbed Sky Aave Force that seeks to bridge the gap between traditional finance (TradFi) and DeFi. Commenting on this collaboration, Aave Labs said: “DeFi protocols have matured, showing resilience and market fit. By working together, DeFi can become the backbone of all finance, enabling unprecedented access and propelling new use cases.”
Another major boost for Aave is that Donald Trump’s DeFi project – World Liberty Financial – will be built atop the Aaave and Ethereum.
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