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While Bitcoin continues to trade sideways, on-chain data tracker Lookonchain reported that two crypto whales made a significant move by purchasing a large amount of AAVE coins. According to the data, the whales recently bought 16,592 AAVE coins worth approximately $2.2 million. This purchase by the whales has caught the attention of the crypto world, especially considering the size of the purchase and its potential impact on the market.
Whales Accumulate AAVE Trusting Its Future Performance
A popular decentralized finance (DeFi) protocol, AAVE allows users to lend and borrow various cryptocurrencies. Its strong ecosystem and ongoing development attract interest from investors. The recent purchase by two whales can be seen as a bullish signal for AAVE, indicating that large investors trust the coin’s future performance.
Whales are typically individuals or entities holding large amounts of cryptocurrency and have the power to influence market trends through their trading activities. Large purchases, such as the acquisition of 16,592 AAVE worth $2.2 million, often lead to speculation about potential price movements and have the power to drive the price upwards.
At the time of writing, AAVE’s price has risen by 8.34% in the last 24 hours, trading at $133.57.
Whale Purchases in AAVE
It is worth noting that a large crypto whale recently purchased 50,605 AAVE worth $6.8 million from the Binance exchange. On-chain data shows that this whale has accumulated 125,000 AAVE since August 21, with total crypto assets exceeding $73.72 million.
Market participants are closely monitoring the recent AAVE purchases by whales and how these transactions will affect the price of the altcoin and overall market dynamics. Large trades typically lead to increased volatility, while the whales’ buying participation boosts positive market sentiment.
