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Aave’s price saw a surge of over 10% amid heightened whale activity as the market recovered from a recent drop.
Aave (AAVE) has become the 55th largest cryptocurrency, with its market cap exceeding $1.725 trillion as its price soared 8% on Friday, Aug. 2, trading at $116.22, according to data from crypto.news. Despite this rise, the cryptocurrency remains down 82.5% from its all-time high of $661.6, while its daily trading volume is staying at $432 million.
The latest upward movement in Aave’s value followed a report by Lookonchain on July 31, which highlighted extensive buying from whales over the preceding days. The analysis revealed that more than 58,848 AAVE, worth around $6.47 million, were moved off exchanges.
Whales accumulated 58,848 $AAVE($6.47M) in the past 2 days!
— Lookonchain (@lookonchain) July 31, 2024
0x9af4 withdrew 11,185 $AAVE($1.23M) from #Binance 3 hours ago.https://t.co/Ll2BX1i7Zi
0x790c withdrew 21,619 $AAVE($2.38M) from #Binance 14 hours ago and deposited it into #Aave.https://t.co/xf0hDMnl3p
0xd7c5… pic.twitter.com/HZPhPHKRay
Detailed transaction data showed that one whale address, identified as “0x9af4,” pulled 11,185 AAVE worth $1.23 million from Binance. Another series of transactions involved the transfer 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 more than $2.83 million — off Binance.
Further insights from Lookonchain on Aug. 1 indicated more active trading by a whale who shifted 45,718 AAVE, valued at about $5.21 million, from Aave to Binance within just two hours. The whale had accumulated 74,656 AAVE, costing about $7.12 million, from February to June at an average price of $95.38 each.
The whale’s remaining holdings of 28,938 AAVE are currently valued at $3.28 million, with total profits estimated at $1.37 million.
Aave Labs teases new products as TVL surpasses $12b
Meanwhile, the total value locked in the Aave protocol now stands at approximately $12.63 billion. According to data from DefiLlama, $11.19 billion of this figure was allocated to Aave V3, with the older V2 and V1 versions holding about $1.42 billion and $14.17 million, respectively.
Aave V3.1 is now live on all networks with active Aave V3 instances.
— Aave Labs (@aave) July 31, 2024
Developed and upgraded by @bgdlabs and approved by the Aave DAO, the V3.1 enhancements improve the protocol’s overall security, operational efficiency, and usability.
On the development front, Aave Labs announced the launch of Aave V3.1 across all networks with active Aave V3 instances on July 31. This update, approved by Aave DAO governance, includes enhancements aimed at bolstering the protocol’s security, operational efficiency, and user experience.
Looking ahead, Aave Labs has unveiled a comprehensive roadmap for the project, setting ambitious targets, including the development of Aave V4 by 2030.