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A noteworthy event occurred in the cryptocurrency market. According to data from blockchain analytics provider SpotOnChain, a large wallet address that had remained inactive for about 1.5 years moved its entire holding of Aave (AAVE) to the MEXC exchange. The whale transferred a total of 25,790 AAVE coins, amounting to approximately 3.38 million dollars. If a sale is executed, the whale could achieve significant profits based on the amount invested.
Whale Gains from Long-Awaited Sale
The owner of this so-called whale wallet had purchased 27,263 AAVE coins between April and June 2023 for a total of 2.12 million dollars. Having acquired the coins at an average price of 77.75 dollars each, the whale can now sell each AAVE for 131.16 dollars.
Should the whale proceed with the anticipated coin sale, it could yield a net profit of approximately 1.38 million dollars, signifying a substantial return after a long wait.
Transfer Draws Attention from Market Participants
This transfer is being closely monitored by cryptocurrency participants, as the whale’s movement comes after a 1.5-year period of inactivity. Such large-scale transactions typically exert a domino effect on other market participants.
While potential fluctuations in AAVE’s price are expected, movements like these can create uncertainty in the market. However, some market observers note that the impact of such large transactions may not be permanent. Participants continue to closely track the future price movements of this altcoin.
According to SpotOnChain, such transactions play a significant role in the liquidity of the cryptocurrency market. Particularly, large asset transfers can lead to short-term fluctuations in AAVE’s price and impact investor psychology regarding the altcoin.
