After nearly 1,000 days of consolidation, AAVE is finally breaking out against ETH, signaling a potential shift in the DeFi landscape.
On-chain activity for AAVE has seen a remarkable surge this month, with the number of active addresses doubling compared to three months ago. This uptick in activity is mirrored by significant whale accumulation, a strong indicator of growing confidence in AAVE’s future prospects.
$AAVE is breaking out against $ETH after nearly 1000 days.
If you weren’t around for it, just know that $ETH DeFi coins kicked off the alt season at the end of 2020. pic.twitter.com/SJGzTqCoIx
— Cool Dog 🆙 (@Cool1Dog) August 19, 2024
According to data from Spotonchain, a savvy trader recently swapped 675.5 WETH, worth approximately $1.79 million, for 14,777 AAVE tokens at an average price of $121.2 per token.
On-chain activity for $Aave has surged this month, with the number of active addresses doubling compared to three months ago. pic.twitter.com/uox73kQmT6
— IntoTheBlock (@intotheblock) August 20, 2024
Notably, this is the trader’s first foray into AAVE, suggesting a strategic move given the token’s recent performance.
This same trader has a history of profitable trades, having netted $1.63 million from ONDO and MKR earlier this month. Additionally, they hold a staggering 3.56 trillion PEPE tokens, valued at $27.4 million, with a realized profit of $27.3 million—an impressive 531% gain.
A smart trader swapped 675.5 $WETH ($1.79M) for 14,777 $AAVE at ~$121.2 in the past hour!
Notably, this is the trader’s first time buying $AAVE.
This trader recently made a net profit of $1.63M from $ONDO and $MKR on Aug 5, 2024, and still holds 3.56T $PEPE ($27.4M) with an… pic.twitter.com/2YdylNYSky
— Spot On Chain (@spotonchain) August 20, 2024
Major Whales Accumulate Over 30,000 AAVE Tokens
Further supporting the bullish sentiment, Lookonchain reports that two major whales have collectively purchased 31,407 AAVE tokens, amounting to $3.92 million, within the last four hours.
One of these whales, identified as “0x3737,” is particularly noteworthy. This individual, who already holds 3.56 trillion PEPE tokens with a profit exceeding $28 million, spent 813 ETH (around $2.18 million) to acquire 17,690 AAVE at $123 per token in the past few hours.
2 whales bought 31,407 $AAVE($3.92M) in the past 4 hours!
Whale"0x3737" holds 3.56T $PEPE($28.4M) with a profit of over $28M on $PEPE.
He spent 813 $ETH($2.18M) to buy 17,690 $AAVE at $123 in the past 4 hours.https://t.co/zoKrgBuOYu
Whale"0x1D15" withdrew 13,717 $AAVE($1.73M)… pic.twitter.com/UOnnH9RU88
— Lookonchain (@lookonchain) August 20, 2024
Another whale, “0x1D15,” has also made a significant move, withdrawing 13,717 AAVE (valued at $1.73 million) from Binance just an hour ago. This whale now holds a total of 19,373 AAVE tokens, worth approximately $2.45 million.
With such substantial accumulation by experienced traders and whales, AAVE’s breakout against ETH appears to be backed by strong fundamentals. The DeFi token is now positioned to potentially capitalize on the momentum, as investors increasingly recognize its value and potential in the rapidly evolving crypto market.
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
