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AAVE market speculation surges as Tron founder Justin Sun, and a mystery whale makes waves with strategic accumulation and profit-taking.
Recent on-chain data has shed light on the activities of two major players in the AAVE ecosystem, Tron founder Justin Sun and an anonymous whale. These individuals have been making strategic moves, accumulating and selling substantial AAVE tokens, driving speculation and market dynamics.
Justin Sun Amasses $776k
Tron founder Justin Sun deposited a substantial 111,910 AAVE tokens worth $776k into Huobi, the exchange he recently acquired.
Prominent surveillance resource Lookonchain first called attention to the movement in a tweet today. This development, which occurred just a while ago, hints at Sun’s ongoing involvement in the AAVE ecosystem.
Justin Sun deposited all 11,910 $AAVE($776K) into #Huobi 20 mins ago.
Justin Sun deposited 49K $AAVE ($16M) to #Binance on Oct 27, 2021, when the price was $327.
And deposited 59.5K $AAVE ($8.8M) to #Binance on Jan 28, 2022, when the price was $148.https://t.co/1sGx4VBArR pic.twitter.com/mO9u9bTlzP
— Lookonchain (@lookonchain) June 26, 2023
This is not the first time Justin Sun has made headlines with his AAVE transactions. In October 2021, when the price of AAVE tokens stood at $327, Sun deposited 49,000 AAVE tokens worth $16 million into Binance.
Not one to shy away from market opportunities, Sun made another move in January 2022, depositing 59,500 AAVE tokens worth $8.8 million into the same exchange when the price was $148.
Whale Accumulates $13M worth of AAVE
Moreover, over the past day, an unidentified whale emerged, accumulating an astonishing 182,152 AAVE tokens valued at approximately $13.2 million. Lookonchain highlighted the recent 27% increase in AAVE’s price, ascribing it to the purchasing spree.
The price of $AAVE suddenly skyrocketed by ~27% in the past 5 hours, which seems to be related to the whale"0x5a80".
Whale"0x5a80" has accumulated 182,152 $AAVE ($13.2M) from exchanges through multiple addresses in the past 5 hours.
And currently holds 399,585 $AAVE ($29M). pic.twitter.com/vtjDFGlxIM
— Lookonchain (@lookonchain) June 25, 2023
This enigmatic entity increased its holdings with a series of transactions across multiple addresses. By the end of the accumulation spree, its wallet boasted a total balance of 399,585 AAVE, worth an impressive $29 million.
However, in a swift move that sent shockwaves through the community, the whale initiated a series of ‘out’ transactions, shedding approximately 38,000 AAVE tokens.
Note that whale"0x5a80" transferred 38,000 $AAVE ($2.46M) out 30 mins ago.
The 38,000 $AAVE is being transferred to exchanges through multiple addresses.https://t.co/5QXEwc7nC6 pic.twitter.com/XKe0B0y0NE
— Lookonchain (@lookonchain) June 26, 2023
These tokens were routed through multiple addresses before finding their way to exchanges. The sudden profit-taking maneuver by the whale introduced a sense of uncertainty, leaving traders and investors speculating on the broader implications.
AAVE Price Analysis
Following the selloff, AAVE’s price fell from a 30-day high of $76.13 to a low of $64.77 in the last 24 hours. The negative trend continued to dominate the AAVE market as of writing time, resulting in an 11.04% decrease to $65.22.
During the recession, AAVE’s market capitalization plummeted by 11.04% to $941.7 million. 24-hour trading volume also experienced similar declines, dropping by 11.98% to $405.5 million.