Aave’s price recently experienced a significant surge of over 10% due to increased whale activity, marking a recovery from a recent market drop. Aave (AAVE) has now become the 55th largest cryptocurrency, boasting a market cap exceeding $1.725 trillion. The cryptocurrency’s price rose by 8% on Friday, reaching $116.22, as reported by crypto.news. Despite this positive movement, Aave is still down by 82.5% from its all-time high of $661.6, with a daily trading volume of $432 million.
The surge in Aave’s value can be attributed to a report by Lookonchain on July 31, which highlighted significant buying activity from whales in the preceding days. The analysis revealed that over 58,848 AAVE tokens, valued at around $6.47 million, were transferred off exchanges. Detailed transaction data indicated that one whale address, known as “0x9af4,” withdrew 11,185 AAVE worth $1.23 million from Binance. Another set of transactions involved the movement of 21,619 AAVE, valued at approximately $2.38 million, from Binance to Aave. Additionally, address “0xd7c5” had previously transferred 26,044 AAVE, amounting to over $2.83 million, off Binance.
Further insights from Lookonchain on Aug. 1 revealed increased trading activity by a whale who shifted 45,718 AAVE, valued at about $5.21 million, from Aave to Binance within a span of two hours. This particular whale had accumulated 74,656 AAVE, costing around $7.12 million, from February to June at an average price of $95.38 each. The remaining holdings of the whale, totaling 28,938 AAVE, are currently valued at $3.28 million, with estimated profits of $1.37 million.
At the same time, the total value locked in the Aave protocol has reached approximately $12.63 billion, with $11.19 billion allocated to Aave V3, $1.42 billion to V2, and $14.17 million to V1, according to DefiLlama data. Aave Labs announced the launch of Aave V3.1 on all networks with active Aave V3 instances on July 31, following approval by the Aave DAO governance. This update includes enhancements focused on improving the protocol’s security, operational efficiency, and user experience.
Looking towards the future, Aave Labs has outlined an extensive roadmap for the project, with ambitious goals such as the development of Aave V4 by 2030. With these developments and the continued interest from whales, Aave’s position in the cryptocurrency market is poised for further growth and innovation.