Flow

bullish

Future

DeFi

Coin

A whale spent over two days slowly buying up AAVE tokens, totaling around $7.45 million. This marks a bullish sentiment towards DeFi and AAVE, which have also seen generous price movements in the past few days.
A high-profile investor, known as a ‘whale,’ has been scooping up&nbsp;<a href="https://www.thecoinrepublic.com/2024/10/13/aave-price-rises-5-amid-growing-whale-accumulation-whats-next/" rel="noopener noreferrer nofollow">AAVE</a>, as data from cryptocurrency exchanges shows. In recent transactions, 16,818 AAVE tokens—worth about $2.59 million were purchased three hours before the latest reporting.
Right after acquiring the tokens, the whale deposited them into the AAVE lending platform as collateral, thereby borrowing 2 million GHO — the native stablecoin of AAVE. Strategically, they used this to increase their holdings of AAVE.
The whale has invested $7.45 million in two days by acquiring 47,991 AAVE tokens. This reflects such a high buying activity because many believe in AAVE’s long term. It significantly impacts AAVE’s market dynamics by lowering the available supply and pushing the price.
<h2 class="wp-block-heading" id="h-impact-on-aave-price-market-performance">Impact on AAVE Price Market Performance</h2>
After these whale purchases, the price of AAVE has gone up significantly. The token has gained over 6% in the last 24 hours and peaked at approximately $163.04. This surge follows a recent broad uptrend as market activity and investor interest increased.
<a href="https://www.thecoinrepublic.com/2024/10/04/aave-price-rockets-amid-support-from-grayscale-what-next/" rel="noopener noreferrer nofollow">AAVE’s</a>&nbsp;market cap, however, surged to $2.44 billion, adding 6.90%, and its trade volume rose by a modest 0.44%. This tells us that AAVE is a healthy market trading environment with robust demand for AAVE. AAVE’s Total Value Locked (TVL) in this protocol continues to stay strong across the $12.03 billion mark, highlighting the level of trust from stakeholders and the platform’s major role as part of the DeFi ecosystem.
Currently, AAVE is performing very well above the key moving averages (SMAs) of 50, 100, and 200 days, which are crucial indicators of AAVE’s long-run health and bullish trends. These averages crossed and are increasing because that strongly suggests a support base at lower price levels and possibly resistance at higher prices soon.
Additionally, the Money Flow Index (or MFI) is a momentum indicator that combines price with volume to measure the degree to which a security’s price is trending on a relative basis and is at a high peak. This means that this recent price rise resulted from many capital inflows into AAVE, corroborating the strong market interest.
<h2 class="wp-block-heading" id="h-future-outlook-and-investor-sentiment">Future Outlook and Investor Sentiment</h2>
It seems likely that the whales grabbing AAVE aggressively and the positive feedback from the market itself have significant effects on the future of the token’s price.
If the buying pressure continues leading&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/10/aave-dao-introduces-dedicated-etherfi-market-enabling-advanced-defi-strategies/" rel="noopener noreferrer nofollow">AAVE</a>, the market analysts predict that the coin might test new resistance levels and set up better support channels. More institutional and retail investors could be attracted to this, along with an investment virtuous cycle of investment and appreciation.
On the positive side, AAVE investor sentiment is bullish, based on its fundamentals’ strength, innovative platform features’ development, and its well-known position in the DeFi space. With an evolving AAVE, alongside more features and new partnerships, this is still one of the hottest tokens in the cryptocurrency space to watch.
Watch whale activities and market indicators to monitor the community and potential investors. This could be real-time insight or price movement and market trends.
With its ongoing interest and investment in AAVE, AAVE has the potential to become a leading player in the DeFi market and will be teasing exciting developments for its stakeholders.
The post <a href="https://www.thecoinrepublic.com/2024/10/14/crypto-whales-stack-up-on-aave-aave-price-to-keep-rising/" rel="noopener noreferrer nofollow">Crypto Whales Stack Up on AAVE: AAVE Price to Keep Rising?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Crypto Whales Stack Up on AAVE: AAVE Price to Keep Rising?

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 14, 2024

NAVI Protocol Launches ETH Lending Pool on SUI Bridge, Enhancing DeFi Interoperability

Ethereum co-founder Vitalik Buterin sells over $2 million in meme coins

The Story of a Lost Bitcoin Hard Drive and a Lawsuit for $646 Million

TAO up 106% in 30 days, analysts expect rally to continue

Ethena Labs Proposes Inclusion of Solana as Backing Asset for USDe Stablecoin

Crypto Market Live Today: Bitcoin Hits $64,000 & Ethereum $2,500-Here’s What to Expect as Bears R...

Join our free newsletter for daily crypto updates!