AAVE Price Shoots 8% Amid Whale Activity, Ready for Another 25% Rally to $168 Level

AAVE, the native cryptocurrency of the decentralized finance (DeFi) protocol Aave, has seen a massive surge in whale activity recently.

Decentralized finance (DeFi) protocol Aave’s native cryptocurrency, AAVE, has noted a massive surge in whale activity. This activity has led to an 8% increase in the AAVE price, which has now reached the $135 levels.

AAVE Price Surges 8% Amidst Whale Activity

Recent data from Spot On Chain reveals that two AAVE whales have withdrawn a total of 67,197 AAVE tokens from the crypto exchange Binance in the last 24 hours. These tokens are valued at approximately $9.02 million.

Two whales, identified as 0x3f9 and 0x64c, that probably belong to the same entity, withdrew 16,592 AAVE tokens for the first time, valued at $2.22 million, about 50 minutes ago. On the other hand, another address, 0xa92, withdrew a total of 50,605 AAVE tokens, valued at $6.8 million, some 20 hours before. Thus, the total withdrawals for AAVE stand at 125,605 tokens, which are valued at a staggering $16.9 million.

This significant whale activity comes as AAVE has been gaining traction due to its new economic model. Since late July, the AAVE price has surged from $90 to $143, making it one of the top-performing DeFi tokens in the market.

Three whales have withdrawn 67,197 $AAVE ($9.02M) from #Binance in the past 24 hours!

1. Two whales, 0x3f9 and 0x64c (likely one entity), withdrew 16,592 $AAVE ($2.22M) for the first time ~ 50 mins ago.

2. Multisign 0xa92 withdrew 50,605 $AAVE ($6.8M) ~ 20 hours ago, now… pic.twitter.com/tcCA76Iobj

— Spot On Chain (@spotonchain) September 5, 2024

DeFi token AAVE has seen a massive surge, with the AAVE price increasing more than 142% over the past year. Earlier in March, the DeFi token reached a high of $153.27 before retracing back. Some market predictions also suggest that AAVE will cross the $200 mark by the end of September.

The technical chart shows that the AAVE price has broken out of the converging channel pattern and is set for another 25% gain to reach the $168 level. Moreover, the daily trading volumes have increased by more than 50%, which could further support the move. Thus, continued AAVE whale activity can make this possible. World of Charts shared the breakout of AAVE, expecting a further rally ahead.

Key Developments in the Ecosystem

Aave Labs recently announced its collaboration with MakerDAO on an ambitious project called Sky Aave Force, which aims to bridge the gap between traditional finance (TradFi) and DeFi. Commenting on this collaboration, Aave Labs said, “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.”

Another major boost for Aave is that Donald Trump’s DeFi project, World Liberty Financial, will be built on top of Aave and Ethereum.

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