Aave price has seen a surge of over 12% amid increased whale activity and a broader rally in the global cryptocurrency market.
At the time of writing, Aave (AAVE) is the 47th largest cryptocurrency by volume, with a market cap of over $1.89 trillion as its price surged 12.4% on August 20, trading at $126.9, according to data from crypto.news.
Despite the rise, the cryptocurrency remains 80.8% below its all-time high of $661.6, while its daily trading volume remains at $392 million.
Meanwhile, blockchain analytics firm Lookonchain announced open Whales have significantly increased their Aave holdings in just three hours. According to their data, these large investors have acquired a total of 31,407 AAVE, worth an approximate $3.92 million.
In one instance, a whale with the address 0x3737 spent 813 ETH, equivalent to $2.18 million, to purchase 17,690 AAVE at $123 per token. Another whale, identified with the address 0x1D15, withdrew 13,717 AAVE, worth about $1.73 million, from Binance. At the time of writing, this whale holds a total of 19,373 AAVE, worth $2.45 million.
Whale Activity Around Aave Surges as DeFi Shows Signs of Maturity
The recent surge in whale activity coincides with a broader recovery in the DeFi sector, as noted by Edward Wilson, head of marketing at Nansen Analytics.
In a statement to crypto.news, Wilson pointed to a pivotal shift in the cryptocurrency market from speculative meme coin crazes to more robust DeFi projects. Wilson notes that this trend signals a maturity within the market that favors sustainable growth over fleeting excitement.
Furthermore, Nansen Analytics has tracked a significant increase in Aave holdings by seasoned investors, amounting to around $5 million since early August, and this increased confidence appears to be supported by technical patterns on the Aave price chart.
“The developing Adam and Eve bottom pattern suggests a strong potential for further upside momentum, which is in line with the market’s renewed focus on strong fundamentals.”
Edward Wilson
Earlier in July, Aave’s price had already seen an 8% surge after an offer Through its founder Mark Zeller, a token buyback program was launched, which led to increased optimism about the token’s future.