AAVE founder Marc Zeller recently proposed a fee switch aimed at buying back Aave tokens from the secondary market.

This move follows a similar strategy seen with $UNI, which saw its price double over 11 days following a revenue share proposal, with an initial 50% surge within the first hour.

Aave’s initial reaction has been more modest, with a 10% increase in the first hour, reflecting the tougher current market conditions.

On-chain data from Lookonchain reveals significant movements involving a major whale. This entity withdrew 1.43 million $UNI (approximately $10.3 million) from Binance and deposited it into Aave. The whale then borrowed 5.5 million $USDC from Aave and sent it back to Binance, indicating a potential long position on $UNI.

Asides AAVE Token Transfer Movements, Whales Eye $UNI and $ENA Tokens

The whale, identified by address 0x59a, has a notable history. Once ranked fourth in Blast staking, the whale opened a significant position of 1.43 million $UNI, valued at $10.3 million, with an average cost of around $7.18 per token.

This whale also accumulated 5.33 million $ENA tokens, worth approximately $5.84 million, at an average price of $1.09 earlier this year. Despite current market conditions resulting in a floating loss of $3.53 million on $ENA, the whale’s substantial resources enable them to endure these fluctuations.

The proposal by Zeller has generated considerable interest and activity, highlighting the potential for significant market impacts from strategic financial moves.

As the crypto market continues to evolve, these high-stakes plays by major investors underscore the dynamic nature of digital asset investments and the potential for substantial returns despite inherent risks. The ongoing developments around Aave’s fee switch and the activities of major whales like 0x59a will be closely watched by market participants.

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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