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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

AAVE Whale Goes On $6.78 Million Buying Spree As Price Recovers 16%

Rubmar Garcia
Rubmar Garcia
10 months ago
3 mins read
AAVE, Altcoins

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AAVE, the native token of the crypto lending protocol with the same name, was among the top performers during August. The cryptocurrency showed strength throughout the retraces, displaying green numbers in most timeframes after recovering.

Its performance gathered the attention of crypto analysts, who consider the token could become a top narrative at the end of the year. As a result, crypto whales have turned their eyes to the token, accumulating millions of dollars worth of AAVE in the past month.

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Whales Continue Buying Spree

AAVE became one of the best-performing cryptocurrencies since August, rising nearly 63.5% in the last 30 days. This performance sparked renewed interest in the token, driving whales to accumulate it throughout the past two weeks.

Since August 20, the crypto lending protocol’s token caught the attention of several whales. As reported by on-chain data analysis firm Lookonchain, large investors have purchased around 170,382 tokens, worth $22.27 million, in the last two weeks.

One whale took advantage of the price drops and accumulated over 120,000 AAVE since August 21. This whale used 4,000 stETH to buy 77,270 AAVE tokens two weeks ago. The purchase was valued at $10.4 million, with an average token price of $135.

On Wednesday morning, the same investor bought another 50,604 tokens, worth around $6.78 million. After the buying spree, the whale holds 125,605 AAVE, worth $16.9 million, purchased at an average price of $134.6.

AAVE Recovers $130 Support Zone

AAVE’s price dropped over 12% to $116 as Bitcoin dropped below the $57,000 mark on Tuesday night. However, the token quickly regained over 16% of its price to trade above the $135 range.

The price recovery appears to be fueled by whale activity and recent reports of a Trump link, as noted by some analysts. On Wednesday, reports suggested that Donald Trump’s crypto project, “World Liberty Financial,” will be a DeFi lending platform based on Aave and Ethereum.

Following the news, Altcoin Sherpa highlighted the token’s “nice move,” adding that it “undoubtedly” is one of the strongest cryptocurrencies in the market. Nonetheless, the analysts suggested that AAVE might continue to chop around the current price range in the short term.

AAVE
AAVE bounces 6% following Trump project’s rumors. Source: Altcoin Sherpa on X

According to Nebraskangooner, the token has one of the “best-looking monthly charts” but will continue to depend on the broader market’s performance. To the analyst, AAVE’s price will likely go down if the market drops.

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However, he also considers it is worth keeping an eye on as it could be one of the best-performing assets “if the market finds a good support level.” Crypto trader CrediBull also suggested that the token could target the $150 mark if Bitcoin and Ethereum bounce from the current levels.

As of this writing, AAVE is trading at $130, a 1.2% drop in the last 24 hours.

AAVE
AAVE’s performance in the five-day chart. Source: AAVEUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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