In a dramatic turn of events, AAVE, the native cryptocurrency of the DeFi protocol Aave, has experienced a substantial 8% surge in price over the past 24 hours, reaching levels of $135. This remarkable uptick in value can be directly linked to a significant increase in whale activity surrounding the token.
Recent data from Spot On Chain reveals that in the last day alone, two major whales have withdrawn a staggering 67,197 AAVE tokens—equivalent to approximately $9.02 million—from the Binance exchange. Whale addresses 0x3f9 and 0x64c, believed to be connected, withdrew 16,592 AAVE tokens valued at $2.22 million just 50 minutes ago. Meanwhile, another whale, identified as address 0xa92, removed 50,605 AAVE tokens worth $6.8 million roughly 20 hours prior. Collectively, these withdrawals total an impressive 125,605 AAVE tokens, valued at a striking $16.9 million.
This surge in whale activity comes as AAVE continues to capture attention with its evolving economic model. Since late July, AAVE’s price has skyrocketed from $90 to $143, marking it as one of the standout performers in the DeFi market. Over the past year, the token has seen a remarkable 142% increase, with a peak of $153.27 in March before a slight retracement. Analysts are optimistic, with some predicting AAVE could surpass $200 by the end of September.
Technical analysis supports this bullish outlook. The AAVE price has recently broken out of a converging channel pattern, suggesting potential for an additional 25% gain, potentially reaching $168. Daily trading volumes have surged by over 50%, indicating strong market support for this move. World of Charts has highlighted the breakout, forecasting further rally potential.
Adding to the momentum, Aave Labs has announced an exciting collaboration with MakerDAO for the ambitious Sky Aave Force project. This initiative aims to bridge the gap between traditional finance (TradFi) and DeFi, signaling a significant step towards integrating decentralized finance into mainstream financial systems. Aave Labs commented, “DeFi protocols have matured, showing resilience and market fit. By working together, DeFi can become the backbone of all finance, enabling unprecedented access and propelling new use cases.”
Also Read: Aave (AAVE) Eyes 25% Rally – Defies Market Slump With 18% Monthly Surge And $1.92B Market Cap
Furthermore, Aave is set to benefit from another notable development. Donald Trump’s DeFi project, World Liberty Financial, is poised to be built on the Aave protocol in conjunction with Ethereum, potentially adding to AAVE’s growing prominence and appeal.
As whale activity continues to drive the price upwards, and with significant partnerships on the horizon, AAVE is positioned as a leading force in the DeFi landscape. Investors and analysts alike will be watching closely to see if this momentum sustains and propels AAVE to new heights in the coming weeks.
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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