Whale Activity on Aave (AAVE) Increases, Popular DeFi Coin Again?

Bittime - The activity of whales or large investors in Aave (AAVE) is increasing. Will DeFi coins become popular again? Keep reading this article to find out, come on!

Aave (AAVE) price jumped more than 6.4% in the last 24 hours. This increase comes amid increased whale investor activity and a broader recovery trend in the DeFi market.

At the time this article was written (21 August 2024), Aave was ranked 44th as a crypto IDR 2.1 million) after experiencing an increase of 6.4% according to data from Coingecko.

Even though it is experiencing an increase, Aave's price is still far below its record high, namely $661.6 (around Rp. 10,246,400). This decline reached 80.8%. Meanwhile, Aave's daily trading volume is currently around $392 million (around IDR 6 billion).

Also read: CaTon $CTON Roadmap and Ecosystem, Complete Here

Whale Activity Drives Aave's Rise

Blockchain analytics company Lookonchain revealed that whale investors have increased their Aave holdings significantly in a short time, namely in just a three-hour window. 

Lookonchain data shows these large investors have purchased a total of 31,407 AAVE, with a value of around $3.92 million (around IDR 606.8 million).

Sumber: Lookonchain

For example, a big investor with address 0x3737 is known to have spent 813 ETH, equivalent to $2.18 million (around Rp. 3.3 billion) to buy 17,690 AAVE at a price of $123 per token (around Rp. 1.9 million). 

Another big investor, with address 0x1D15, withdrew 13,717 AAVE worth $1.73 million (around IDR 26 billion) from the Binance exchange. To date, these investors are recorded as having a total of 19,373 AAVE, with a value of around $2.45 million (around IDR 37 billion).

DeFi Maturing, Aave Benefits

This increase in investor activity towards Aave coincides with a broader recovery in the DeFi sector. Edward Wilson, Head of Marketing at Nansen Analytics, sees important changes in the crypto market. 

The current trend is shifting from the speculative meme coin frenzy to DeFi projects that have strong fundamentals.

Also read: AAVE Coin Prediction, Can It Rise to What Price?

“This trend shift signals a market maturity that prefers sustainable growth over fleeting exuberance,” Wilson said in a statement to crypto.news.

Nansen Analytics also observed an increase in Aave ownership by experienced investors. This increase reached around $5 million (around IDR 77.5 million) since the beginning of August. This rising confidence appears to be supported by a technical pattern on the Aave price chart.

"The 'Adam & Eve bottom' pattern that is being formed shows strong potential for further price increases. This is in line with the market focus returning to strong fundamentals," explained Wilson.

Previously in July, Aave's price had jumped 8% after Aave's founder, Marc Zeller, proposed a token buyback program. This program further fuels optimism for AAVE's future.

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