Aave has enjoyed amplified whale interest within the last few months. Several collaborations in the banking and decentralized finance (DeFi) sector might be behind the renewed interest. Moreover, V3’s total value locked surges might drive dominant investor interest. Nevertheless, will AAVE sustain its growth, or whales have a swift dive in the token?
Whale Party?
Santiment, on September 19, published insights that indicated an enormous whale interest in AAVE. Aave primary whale wallets holding 1,000 to 1 million AAVE coins increased to 54.5%. That represented the highest amount this cohort has ever held.
Ahead, AAVE’s developmental activity recorded a colossal increase within the previous week. That showed the Aave team has worked on technological improvements massively. Moreover, the launch of new features and updates might be imminent. Also, the asset’s volume noted an upsurge. The volume increased from September 18’s 70.83 million to the press time figure of 123 million.
Some AAVE’s Big Leaps
Also, Aave recorded impressive strides within the DeFi space. It inked a deal with Flashstake DAO to allow investors to stake their tokens and receive instant returns – upfront. There would be no such thing as users waiting for the yield.
Also read:Aave has also made impressive progress in total value locked, and its V3 has grown since May. Though with some volatility following $1.67 billion August’s peak, the total value locked appears to be gaining strength. Moreover, the present TVL hovered at $1.17 billion during this publication.
Nevertheless, investors should beware of some bearish indications before executing any trade. AAVE’s social media dominance maintained downsides within the previous month. That could show an absence of interest within the cryptocurrency community. Also, the token’s market capitalization has seen dips. And this might lead to future concerns for investors.
Meanwhile, the past few sessions have seen bears dominating the crypto spectrum. The global cryptocurrency market capitalization continued to slide, hovering near $923.87 billion during this writing, following a 0.80% 24hr drop. Also, Bitcoin declined by 1.35% within 24 hours to $18,992.84. The upside road remains foggy in the near term, and markets seem primed for further plunges.
Editorial credit: photo_gonzo / shutterstock.com
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