AAVE Up By 28% In 7 Days As DeFi Tokens Make A Comeback
AAVE, one of the most prominent DeFi tokens, is currently experiencing a market pump, gaining 28.33% in the last 7 days, according to CoinMarketCap data.
Over the past week, most of the crypto market has seen a boost in prices following the Bitcoin-fueled recovery, which also saw the premier cryptocurrency trade above $31,000 for the first time since June 2022.
AAVE Price Overview
AAVE began last week trading around $50.99 before experiencing some steady gains during the week, causing the DeFi token to close its weekly market at a price of $56.86.
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That said, the AAVE coin experienced a massive spike in price yesterday, June 25, propelling the token by 32% to trade as high as $75.06 for the first time since last month.
Although the token has since declined from this price level, AAVE appears to have found some stability and could be preparing for another breakout.
At the time of writing, AAVE is exchanging hands at $65.4, with a 0.67% rise in the last hour. Meanwhile, the token’s daily trading volume stands at $406 million, having gone up by 1.85% in the last 24 hours.
In addition, AAVE boasts a total market cap of roughly $942 million, allowing it to rank as the 44th biggest cryptocurrency in the market.
Behind’s AAVE Rise
Following AAVE’s recent price boost, there has been much speculation on the propelling force behind this bullish movement. According to on-chain analytics firm, Lookonchain, AAVE’s gain in market price appears to be due to massive whale activity by an investor with wallet address “0x5a80” in the last day.
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Via a post on their official Twitter handle, Lookonchain reported that Whale “0x5a80” began acquiring massive amounts of the DeFi token in the early hours of yesterday. The individual purchased 182,152 AAVE – worth $13.2 million at the time – within a span of 5 hours.
Looking at data from CoinMarketCap, Lookonchain concluded that this massive whale activity coincided with the period in which AAVE’s surge in market value began yesterday.
As of this morning, the blockchain data platform also reported that the whale “0x5a80” had acquired a total of 257,147 AAVE tokens – valued then at $17.2 million – in the last 24 hours. Before halting their buying spree, whale “0x5a80” is believed to hold an estimate of 474,579 AAVE tokens – valued at $31.8 million.
However, since whale “0x5a80” stopped accumulating AAVE, the token’s market price has been on a nosedive, losing nearly 13% of its value in the last 8 hours.
That said, several AAVE investors are likely to be on the watch for the actions of the whale “0x5a80” over the next few days, as it may be pivotal to the token’s future price movements.
Read more: https://www.newsbtc.com/analysis/aave/aave-up-by-28-in-7-days-as-defi-tokens-make-a-comeback/
Text source: NewsBTC
