AAVE Whale Goes On $6.78 Million Buying Spree As Price Recovers 16%
2024年9月5日 - 4:00PM
NEWSBTC
AAVE, the native token of the crypto lending protocol with the same
name, was among the top performers during August. The
cryptocurrency showed strength throughout the retraces, displaying
green numbers in most timeframes after recovering. Its performance
gathered the attention of crypto analysts, who consider the token
could become a top narrative at the end of the year. As a result,
crypto whales have turned their eyes to the token, accumulating
millions of dollars worth of AAVE in the past month. Related
Reading: FET Price Targets $3.4 After Breakout, Here Are The Key
Levels To Watch Whales Continue Buying Spree AAVE became one of the
best-performing cryptocurrencies since August, rising nearly 63.5%
in the last 30 days. This performance sparked renewed interest in
the token, driving whales to accumulate it throughout the past two
weeks. Since August 20, the crypto lending protocol’s token caught
the attention of several whales. As reported by on-chain data
analysis firm Lookonchain, large investors have purchased around
170,382 tokens, worth $22.27 million, in the last two weeks. One
whale took advantage of the price drops and accumulated over
120,000 AAVE since August 21. This whale used 4,000 stETH to buy
77,270 AAVE tokens two weeks ago. The purchase was valued at $10.4
million, with an average token price of $135. On Wednesday morning,
the same investor bought another 50,604 tokens, worth around $6.78
million. After the buying spree, the whale holds 125,605 AAVE,
worth $16.9 million, purchased at an average price of $134.6. AAVE
Recovers $130 Support Zone AAVE’s price dropped over 12% to $116 as
Bitcoin dropped below the $57,000 mark on Tuesday night. However,
the token quickly regained over 16% of its price to trade above the
$135 range. The price recovery appears to be fueled by whale
activity and recent reports of a Trump link, as noted by some
analysts. On Wednesday, reports suggested that Donald Trump’s
crypto project, “World Liberty Financial,” will be a DeFi lending
platform based on Aave and Ethereum. Following the news, Altcoin
Sherpa highlighted the token’s “nice move,” adding that it
“undoubtedly” is one of the strongest cryptocurrencies in the
market. Nonetheless, the analysts suggested that AAVE might
continue to chop around the current price range in the short term.
According to Nebraskangooner, the token has one of the
“best-looking monthly charts” but will continue to depend on the
broader market’s performance. To the analyst, AAVE’s price will
likely go down if the market drops. Related Reading: Dogwifhat
(WIF) Leads Memecoins Recovery With 12% Jump, Is $2.2 The Next
Stop? However, he also considers it is worth keeping an eye on as
it could be one of the best-performing assets “if the market finds
a good support level.” Crypto trader CrediBull also suggested that
the token could target the $150 mark if Bitcoin and Ethereum bounce
from the current levels. As of this writing, AAVE is trading at
$130, a 1.2% drop in the last 24 hours. Featured Image from
Unsplash.com, Chart from TradingView.com
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