AAVE Price Jumps 8% Amid Surge in Whale Activity

AAVE Price Jumps 8% Amid Surge in Whale Activity

AAVE, the native token of the Aave decentralized finance (DeFi) protocol, has experienced a significant price surge, climbing 8% in the past 24 hours to reach $135. This rapid increase is linked to a notable rise in whale activity.

According to recent data from Spot On Chain, two AAVE whales have collectively withdrawn a massive 67,197 AAVE tokens, valued at $9.02 million, from the Binance exchange over the last 24 hours.

The two whale addresses, 0x3f9 and 0x64c, which are suspected to belong to the same entity, made their first withdrawal of 16,592 AAVE tokens (worth approximately $2.22 million) just 50 minutes ago. Meanwhile, another whale address, 0xa92, withdrew 50,605 AAVE tokens valued at $6.8 million roughly 20 hours prior. These transactions bring the total AAVE withdrawals to 125,605 tokens, amounting to a staggering $16.9 million.

The uptick in whale activity aligns with AAVE’s growing momentum, driven by its updated economic model. Since late July, the token has surged from $90 to $143, positioning AAVE as one of the top-performing DeFi tokens in recent weeks.

AAVE has been a key participant in the ongoing crypto market rally, with its price increasing over 142% in the past year. Earlier in March, the token peaked at $153.27 before undergoing a correction. However, some market analysts predict that AAVE could surpass $200 by the end of September.

On the technical front, AAVE has broken out of a converging channel pattern, indicating potential for an additional 25% price increase, which could take the token to $168. Additionally, trading volumes have surged by more than 50%, further supporting this potential upward move. According to World of Charts, the breakout sets the stage for further gains in the coming days.

Major Developments in the Aave Ecosystem

Aave Labs recently announced a strategic partnership with MakerDAO on a groundbreaking project called “Sky Aave Force,” aimed at bridging the gap between traditional finance (TradFi) and DeFi. Commenting on the initiative, Aave Labs stated: “DeFi protocols have demonstrated maturity, resilience, and market relevance. By collaborating, DeFi can serve as the backbone of all finance, unlocking unprecedented access and driving new use cases.”

In another significant development, Aave received a boost from the news that Donald Trump’s DeFi venture, World Liberty Financial, will be built on both the Aave and Ethereum platforms.