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AAVE, the native token of the crypto lending protocol with the identical name, was among the many top performers during August. The cryptocurrency showed strength throughout the retraces, displaying green numbers in most timeframes after recovering.
Its performance gathered the eye of crypto analysts, who consider the token could turn into a top narrative at the tip of the 12 months. Consequently, crypto whales have turned their eyes to the token, accumulating tens of millions of dollars value of AAVE prior to now month.
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Whales Proceed Buying Spree
AAVE became certainly one of the best-performing cryptocurrencies since August, rising nearly 63.5% within the last 30 days. This performance sparked renewed interest within the token, driving whales to build up it throughout the past two weeks.
Since August 20, the crypto lending protocol’s token caught the eye of several whales. As reported by on-chain data evaluation firm Lookonchain, large investors have purchased around 170,382 tokens, value $22.27 million, within the last two weeks.
One whale took advantage of the value drops and collected over 120,000 AAVE since August 21. This whale used 4,000 stETH to purchase 77,270 AAVE tokens two weeks ago. The acquisition was valued at $10.4 million, with a mean token price of $135.
On Wednesday morning, the identical investor bought one other 50,604 tokens, value around $6.78 million. After the buying spree, the whale holds 125,605 AAVE, value $16.9 million, purchased at a mean price of $134.6.
AAVE Recovers $130 Support Zone
AAVE’s price dropped over 12% to $116 as Bitcoin dropped below the $57,000 mark on Tuesday night. Nevertheless, the token quickly regained over 16% of its price to trade above the $135 range.
The worth recovery appears to be fueled by whale activity and up to date reports of a Trump link, as noted by some analysts. On Wednesday, reports suggested that Donald Trump’s crypto project, “World Liberty Financial,” will likely be a DeFi lending platform based on Aave and Ethereum.
Following the news, Altcoin Sherpa highlighted the token’s “nice move,” adding that it “undoubtedly” is certainly one of the strongest cryptocurrencies available in the market. Nonetheless, the analysts suggested that AAVE might proceed to cut around the present price range within the short term.
AAVE bounces 6% following Trump project’s rumors. Source: Altcoin Sherpa on X
In accordance with Nebraskangooner, the token has certainly one of the “best-looking monthly charts” but will proceed to rely on the broader market’s performance. To the analyst, AAVE’s price will likely go down if the market drops.
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Nevertheless, he also considers it’s value maintaining a tally of because it might be certainly one of the best-performing assets “if the market finds a superb support level.” Crypto trader CrediBull also suggested that the token could goal the $150 mark if Bitcoin and Ethereum bounce from the present levels.
As of this writing, AAVE is trading at $130, a 1.2% drop within the last 24 hours.
AAVE’s performance within the five-day chart. Source: AAVEUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com