AAVE, one of the most prominent DeFi tokens, is currently experiencing a market surge and has gained 28.33% in the last 7 days, according to CoinMarketCap data.
Over the past week, most of the crypto market has seen price gains following the Bitcoin-fueled recovery it has also seen leading cryptocurrency business over $31,000 for the first time since June 2022.
AAVE price overview
AAVE started trading around $50.99 last week before making some steady gains during the week, causing the DeFi token to close its weekly market at $56.86.
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This means that AAVE coin saw a massive price increase yesterday, June 25, which drove the token up 32% to trade as high as $75.06 for the first time since last month.
Although the token has since declined from this price level, AAVE seems to have found some stability and could be preparing for another breakout.
At the time of writing, AAVE is exchanging hands at $65.4, up 0.67% in the last hour. Meanwhile, the token’s daily trading volume stands at $406 million, up 1.85% in the last 24 hours.
Additionally, AAVE boasts a total market cap of roughly $942 million, making it the 44th largest cryptocurrency on the market.
AAVE Trading At $65.88 | Source: AAVEUSD Chart On Tradingview.com
For AAVE Rise
Following the recent rally in the price of AAVE, there has been much speculation about the driving force behind this bullish move. According to analytics company Lookonchain, the increase in AAVE’s market price appears to be due to the massive whale activity of an investor with the wallet address “0x5a80” over the past day.
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Through a post on their official Twitter, Lookonchain reported that Whale “0x5a80” started acquiring a huge amount of DeFi token in the early hours of yesterday morning. An individual bought 182,152 AAVEs – worth $13.2 million at the time – within 5 hours.
Looking at data from CoinMarketCap, Lookonchain concluded that this massive whale activity coincided with the period in which AAVE’s market value surged yesterday.
As of this morning, the blockchain data platform as well reported that the whale “0x5a80” had acquired a total of 257,147 AAVE tokens in the last 24 hours – worth $17.2 million at the time. Before the buying spree stopped, the whale “0x5a80” has an estimated 474,579 AAVE tokens – worth $31.8 million.
Since the whale “0x5a80” stopped hoarding AAVE, the market price of the token has fallen, losing almost 13% of its value in the last 8 hours.
This means that several AAVE investors will likely be watching the actions of the “0x5a80” whale over the next few days, as it may be key to the token’s future price movements.
Featured image: Getty Images/istockphotos, chart from Tradingview