E Point Perfect
Crypto

AAVE’s Crazy 50% Weekly Increase Gets Back on ETH Whales’ Track



article image

Gamza Khanzadaev

Ethereum whales actively trading AAVE amid price surging 50% in one week

The token of one of the largest crypto lending platforms and arguably one of the largest Ethereum-based projects, AAVE, has become one of the most traded tokens among the top 100 largest ETH whales in the past 24 hours.  Among other things, the use of AAVE tokens increased by 25%, which also placed it among the most used smart contracts by whales, according to WhaleStats.

Analyzing the data portal, it can be seen that the average purchase size by whales was 144 AAVE, or $14.247, and the average selling was half as much — 81 AAVE, or 7.970 dollars. The total share of AAVE in the portfolios of large holders of ETH is 0.45%, or $19.47 million.

AAVE price action

AAVE has continued its steady growth for almost a month. Having experienced a serious 60% drawdown since the end of May, the token stopped its fall around the 20s of June and began to gain price momentum again. At the moment, the AAVE upside is 120% from the June low of $45. At the same time, the chart clearly shows that the token has managed to consolidate around the mark of $88 and stays around the fairly strong resistance level of $113.5.

Source: TradingView

Among the important news in the AAVE ecosystem is the team’s ongoing development of its own decentralized GHO stablecoin. GHO is expected to be similar to DAI in concept, and it will also be excessively backed by a diversified set of assets, mainly based on Ethereum.

Ads

The AAVE token itself, as a result of the introduction of GHO, will strengthen its utility as a governance token of AAVE DAO, whose participants, in addition to voting power, will be entitled to revenue from the stablecoin turnover.



Source link

Related posts

Coinbase Wallet Integrates OpenSea, Rarible Orders: Details

Holograph Partners with LayerZero for Blockchain-Agnostic NFTs

Bitcoin Traders Are Aiming at $17,000, Here’s Why

Polkadot Crypto DOT No Longer Security: “Token Has Morphed”

Ripple CEO Complains About Scam Accounts on Social Media

Here’s When Bitcoin May Hit $15,000, According to Arthur Hayes