The AAVE price jump coincides with the withdrawal of 125,605 AAVE tokens by AAVE whales, totaling $16.9 million in the last 24 hours.
AAVE, the native cryptocurrency of the decentralized finance (DeFi) protocol Aave, has experienced a sharp increase in whale activity, leading to an 8% price surge within the last 24 hours, bringing its value to $135.
Whales Withdraw Massive Amounts of AAVE Tokens
According to data from Spot On Chain, two major AAVE whales withdrew a total of 67,197 AAVE tokens worth $9.02 million from Binance in the last day.
The whales, identified as 0x3f9 and 0x64c, likely belong to the same entity, and together they withdrew 16,592 AAVE tokens valued at $2.22 million just 50 minutes ago.
Another address, 0xa92, withdrew 50,605 AAVE tokens worth $6.8 million earlier. In total, 125,605 AAVE tokens valued at $16.9 million were withdrawn.
This surge in whale activity coincides with the growing momentum behind AAVE due to its new economic model.
Since late July, AAVE’s price has risen from $90 to $143, positioning it as a top-performing DeFi token.
Over the past year, AAVE has gained more than 142%, reaching a high of $153.27 in March before retracing.
Market predictions indicate that AAVE could surpass $200 by the end of September. A technical analysis suggests that AAVE has broken out of its converging channel pattern and could climb an additional 25% to reach $168.
Daily trading volumes have also increased by more than 50%, which supports the ongoing rally. World of Charts highlighted AAVE’s breakout, expecting further gains.
Key Developments in the AAVE Ecosystem
Aave Labs recently announced a collaboration with MakerDAO on the Sky Aave Force project, which aims to bridge traditional finance (TradFi) and DeFi.
Aave Labs commented, “DeFi protocols have matured, showing resilience and market fit. DeFi can become the backbone of all finance by working together, enabling unprecedented access and propelling new use cases.”
Additionally, former President Donald Trump’s DeFi project, World Liberty Financial, is set to be built on Aave and Ethereum, further boosting the protocol’s prospects.
