Decentralized finance protocol Aave is currently experiencing a surge in whale activity, with significant buy-side pressure propelling the price of AAVE upwards. This spike in whale accumulation comes after a recent market dump that pushed many altcoins to key support levels.
According to data shared by Lookonchain on July 31, whales have been aggressively accumulating Aave over the past two days. In a notable move, whales withdrew over 58,848 AAVE, valued at $6.47 million, from exchanges during this period. For example, one whale address, 0x9af4, withdrew 11,185 AAVE worth $1.23 million from Binance, while another address moved 21,619 AAVE, valued at over $2.38 million, from the exchange and deposited the tokens into Aave. These withdrawals were preceded by a transfer of 26,044 AAVE by the whale address 0xd7c5, amounting to over $2.83 million withdrawn from Binance.
As a result of this whale activity, AAVE’s price has surged by more than 7% in the past 24 hours and is currently trading around $111. Over the past week, the DeFi token has seen an increase of more than 18% in price. Additionally, AAVE’s price rose by over 8% following a fee switch proposal announced by Aave founder Marc Zeller, which aims to implement a buyback program for AAVE tokens.
In other news, Aave V3.1 has been launched, with the total value locked in the Aave protocol currently standing at approximately $22 billion. DeFiLlama reports that around $19.9 billion is locked in Aave V3, while the V2 chain holds about $1.9 billion in TVL and V1 holds about $14.6 million.
Aave Labs announced the launch of Aave V3.1 across all networks, featuring enhancements designed to enhance the security of the DeFi protocol. These improvements, approved by the Aave DAO governance, also aim to increase operational efficiency and usability for the network. Additionally, Aave Labs has outlined an ambitious roadmap for the project, including a vision for Aave V4 by 2030 and other developments to come.