The decentralized lending platform AAVE has been experiencing a surge in interest, as evidenced by a series of significant whale purchases. According to data from Lookonchain, several large holders have been acquiring AAVE tokens in multiple consecutive transactions, coinciding with a price increase.
One notable whale made a series of purchases totaling 77,270 AAVE at an average price of $135 per token. This transaction involved a significant amount of stETH, a popular Ethereum-based stablecoin. The whale executed these purchases across various wallets within a short timeframe, indicating a strong commitment to accumulating AAVE.
Other whales have also been active in the AAVE market. Whale 0xa923 purchased 50,908 AAVE, while 0x0945 acquired 11,101 AAVE. Additionally, two other whales purchased a combined total of 31,407 AAVE tokens.
Also Read: AAVE Soars 37% In A Week – Whales Invest Millions
The surge in whale activity has coincided with a significant increase in open interest for AAVE futures contracts. Open interest has reached levels not seen since April 2022, indicating a growing number of traders are betting on AAVE’s future price. This increase in open interest often correlates with bullish price movements, suggesting that the market is optimistic about AAVE’s prospects.
The combination of whale purchases and rising open interest suggests that AAVE is gaining traction among both retail and institutional investors. As the market continues to evolve, it will be interesting to see how AAVE’s price and open interest develop in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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