Aave’s price surged over 12% on August 20, driven by intensified whale activity and a broader upswing in the global cryptocurrency market. At the time of writing, Aave stands as the 47th largest cryptocurrency, with a market capitalization surpassing $1.89 trillion and a trading price of $126.9, according to data.
Despite this recent boost, Aave’s price remains 80.8% below its all-time high of $661.6, with a daily trading volume of $392 million.
Blockchain analytics firm Lookonchain reported significant whale activity, revealing that large investors acquired a total of 31,407 AAVE tokens, valued at approximately $3.92 million, within a brief three-hour period. Notably, one whale address, 0x3737, spent 813 ETH (around $2.18 million) to purchase 17,690 AAVE at $123 per token. Another whale, identified by address 0x1D15, withdrew 13,717 AAVE worth about $1.73 million from Binance, bringing its total holdings to 19,373 AAVE, valued at $2.45 million.
This surge in whale activity aligns with a broader recovery in the decentralized finance (DeFi) sector. Edward Wilson, Head of Marketing at Nansen Analytics, attributed the increased interest in Aave to a shift in the market away from speculative meme coins toward fundamentally strong DeFi projects. Wilson highlighted that this trend reflects a maturation of the market, favoring sustainable growth over temporary hype.
Nansen Analytics also noted a significant increase in Aave holdings by seasoned investors, totaling around $5 million since early August. Technical analysis of Aave’s price chart suggests a potential for further gains, supported by the development of an Adam & Eve bottom pattern, which indicates possible upward momentum.
Earlier in July, Aave’s price had risen 8% following a proposal by founder Marc Zeller for a token buyback program, further boosting optimism about the token’s future prospects.
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