A wave of large AAVE transactions has caught attention as several major holders, or “whales,” have been unloading significant amounts of AAVE tokens on various exchanges, suggesting a trend toward profit-taking.
One dormant whale, inactive for over a year and a half, recently deposited 25,790 AAVE (worth approximately $3.38 million) to MEXC, possibly aiming to capitalize on price gains.
This whale initially purchased 27,263 AAVE between April and June 2023 for about $2.12 million, at an average price of $77.75 per token.
Just an hour ago, the same whale offloaded 25,790 AAVE at a price of $131.16, potentially realizing a 68.7% profit or around $1.38 million.
A dormant whale just deposited all 25,790 $AAVE ($3.38M) to #MEXC for profit after 1.5 years of holding.
The whale originally bought 27,263 $AAVE for $2.12M (avg buy price: $77.75) from April to June 2023. An hour ago, the whale unloaded 25,790 $AAVE ($3.38M) at $131.16,… pic.twitter.com/3RrJqdiRTI
— Spot On Chain (@spotonchain) November 5, 2024
More Notable Whale Activities Around AAVE Tokens
Additional whale activity includes notable transactions involving other large AAVE holders. Approximately three hours ago, the address 0x790c transferred 7,822 AAVE (worth $1.04 million) from the Aave protocol directly to Binance. Cumberland, another prominent player, deposited 10,000 AAVE (valued at $1.29 million) to OKX six hours ago. Galaxy Digital also moved 7,897 AAVE (worth $1.02 million) to Binance ten hours ago.
Whales are dumping $AAVE!
0x7634 withdrew 25,790 $AAVE($3.39M) from #Aave and deposited it to #MEXC 50 minutes ago.
0x790c withdrew 7,822 $AAVE($1.04M) from #Aave and deposited it to #Binance 3 hours ago.#Cumberland deposited 10,000 $AAVE($1.29M) to #OKX 6 hours ago.… pic.twitter.com/HzpwMPtz37
— Lookonchain (@lookonchain) November 5, 2024
These transactions, involving multiple large deposits to exchanges, suggest that some major AAVE holders may be cashing out on recent price increases.
While Bitcoin has been rallying, some altcoin holders are seizing the opportunity to lock in profits, potentially signaling caution for the AAVE market in the short term.
These moves reflect a broader trend of market participants adjusting their positions amidst fluctuating altcoin prices.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: skorzewiak/123RF // Image Effects by Colorcinch
