Can Aave Price Soar 140% Amid Spike in Whale Acitivity?
The post Can Aave Price Soar 140% Amid Spike in Whale Acitivity? appeared on BitcoinEthereumNews.com.
Aave price has been on a tear, rising 111% since the August 5 low. Most recently, the asset broke above a bullish reversal structure that hints at 2X gains in the short-to-midterm range. Most of the chatter around Aave has been around its association with the newly launched World Liberty Financial, owned by Donald Trump. The hype around WLFI and Aave seems strong, as it propelled the asset to hit highs not seen in the last 2.5 years. Aave whale activity has also risen, with a notable large investor accumulating over 60,000 AAVE in just four days. Is a price surge inbound? Onchain Metrics Hint At Continuation Of Aave Price Rally A large investor recently purchased 12,633 AAVE ($2.02 million) today, bringing their total portfolio balance to 60,624 AAVE ($9.36 million). This buying spree, which lasted over the past four days, may have contributed to the price of AAVE increasing by about 10%. The whale bought another 16,818 $AAVE($2.59M) 3 hours ago and deposited it into #Aave. Then he borrowed 2M $GHO to buy more $AAVE. This whale bought a total of 47,991 $AAVE($7.45M) in just 2 days.https://t.co/Aj7wIlf5SJ pic.twitter.com/gVPGFE8W6S — Lookonchain (@lookonchain) October 14, 2024 Data from IntoTheBlock analytics shows a surge in the number of large transactions around Aave from 63 to 129 in the last seven days. This is a 104% increase, suggesting that large investors are getting particularly interested in the Aave token. Aave Price Additionally, Santiment data shows the 30-day Realized Cap decreased throughout October, while its corresponding 365-day metric has been increasing. This discrepancy suggests a shift in investor behavior where recent investors, possibly those who bought within the last month, sell their holdings. In contrast, long-term investors are holding onto their assets or even accumulating more. The selling pressure from short-term investors could lead…
Filed under: News - @ October 15, 2024 6:26 am