Whale Activity Boosts AAVE’s Price Towards $150 Milestone

AAVE Whale Activity and Key Collaborations Drive Price Surge

Recently, AAVE, the native cryptocurrency of the Aave DeFi protocol, has seen significant whale activity, with two whales withdrawing a total of 125,605 AAVE tokens worth $16.9 million from Binance according to Spot On chain data. 

These whales first withdrew 6,592 AAVE tokens worth $2.22 million for the first time and later on withdrew a total of 50,605 AAVE tokens valued at $6.8 million raising speculations in the market.

This surge in activity coincides with AAVE's price increase from $90 to $143 since late July, making it one of the top-performing DeFi tokens. Aave Labs has also announced a collaboration with MakerDAO on the Sky Aave Force project, aiming to bridge traditional finance and DeFi. Additionally, Donald Trump’s DeFi project, World Liberty Financial, will be built on Aave and Ethereum, further boosting AAVE's prominence in the market.

AAVE Price Heading Towards $150 Mark

AAVE crypto price has been in an uptrend trading above the key exponential moving average of 20, 50 and 200-Day. Recently its price bounced back from a key support level of $76.00 and hit the $148 mark. However, it faced a mild correction after this and now again heading towards $150 mark.

At the time of writing AAVE was trading at the level of $131.90 with an intraday loss of 2.30% with 24-hour trading volume of $442,229,538. At press time its market cap stands at $1,971,289,693 with a circulating supply of 14,928,640 AAVE.

Year to date AAVE was down by almost 21.70%. Furthermore, it grew by almost 29.12% in the last 3 months and 38.25% last month suggesting bulls dominance.

According to a technical summary of Trading-view out of 26 indicators, 1 indicates a sell signal, 10 are neutral and 15 on the buy-side suggesting bearish momentum in  AAVE price.

Moreover, recent developments in  AAVE and the Surge In whale activity hint that it could smash the $150 mark shortly.

Conclusion

AAVE has experienced significant whale activity, with large withdrawals from Binance totalling $16.9 million. This activity aligns with a notable price increase from $90 to $143 since late July. Aave's collaborations and new projects, including one with MakerDAO and another involving Donald Trump’s DeFi project, have further boosted its market presence. Despite a recent mild correction, AAVE is trading at $131.90 and shows strong bullish momentum, suggesting it could soon reach the $150 mark.

Also Read: Pi network drops 85% as Cryptomarket takes downturn