TL;DR
- An investor acquired 47,991 AAVE tokens in two days, valued at $7.45 million.
- This purchase has driven a price increase of over 7%, reaching $163.
- AAVE has surpassed key indicators and continues to attract investors, solidifying its role in the DeFi ecosystem.
A whale has made a significant acquisition of AAVE tokens, the native asset of the decentralized finance (DeFi) protocol of the same name, over the past two days.
This massive purchase, valued at approximately $7.45 million, reflects a bullish sentiment and has impacted the token’s market behavior. The rising demand for AAVE has contributed to a notable increase in its price, with a surge of over 7% in the last 24 hours, bringing its value close to $163.
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
This whale has been gradually acquiring AAVE tokens, accumulating a total of 47,991 tokens in just 48 hours. Recently, he purchased over 16,000 tokens, valued at around $2.59 million. He later used these tokens as collateral on the protocol’s lending platform to borrow 2 million GHO, the protocol’s native stablecoin. This strategy allowed the whale to increase their AAVE holdings, showing their confidence in the token’s growth potential.
Sustained Growth for AAVE
The impact of these operations has been significant in AAVE’s supply and demand dynamics. By reducing the number of tokens available in the market, the price has shown an upward trend. Additionally, the token has surpassed key technical indicators such as the 50, 100, and 200-day moving averages, reinforcing the view that AAVE is in a phase of sustained growth. These indicators suggest that the market has established a solid support base at lower price levels and could face resistance in the short term.
The Money Flow Index (MFI), a tool that measures the inflow and outflow of capital into an asset, has shown a significant increase, confirming the strong demand that AAVE is experiencing. This capital flow is driving the price up and demonstrates growing interest from both institutional and retail investors.
Looking ahead, the outlook for AAVE remains positive. If buying pressure continues, analysts suggest that the token could break through new resistance levels, attracting more investors and consolidating its position within the DeFi ecosystem.
