Altcoin
Aave whales are on the move – Here’s what to expect
A massive whale makes waves in Aave, driving record accumulation. Aave’s meteoric price surge and the shifting derivative market sentiment underscore the token’s dynamic move.
- An Aave whale now holds over 2% of the total circulation.
- AAVEs’ positive trend continues with an over 4% price increase.
Recently, Aave has witnessed substantial individual accumulation from a prominent whale. Notably, this whale has achieved a remarkable record in terms of the total volume of the token they have amassed.
On the 9th of November, Spot On Chain detected a noteworthy transaction involving Aave. This transaction revealed that a whale had just withdrawn 64,557 AAVE tokens, with an approximate value of $6.7 million.
Further examination of the whale’s wallet unveiled that they had made withdrawals amounting to 338.794 tokens in the last two days, with a combined value of roughly $34 million.
As of the latest available information, this whale has become the largest individual holder of Aave tokens. The whale currently possesses 2.12% of the total token supply.
According to data from CoinMarketCap, the total supply of Aave tokens is reported to be 16 million.
Aave having a good run
The daily timeframe chart revealed a strong upward price movement for Aave over the past 48 hours. As of the close of trading on 8th November, the price had surged by more than 2.7%, reaching approximately $1.4.
At the time of this update, the value had risen even further, surpassing $1.5 with a gain of over 4%.
Also, this recent price surge has driven the Relative Strength Index (RSI) into the overbought zone. This indicates significant buying pressure and a prevailing bullish trend.
Source: TradingView
Additionally, an analysis of the Moving Average Convergence Divergence (MACD) revealed it was trending above zero. This alignment with the RSI’s bullish signal reinforces the overall positive sentiment in the market.
Is the derivative market also sharing this sentiment?
Positive sentiment on the derivative side?
Based on data from Coinglass, the funding rate for Aave has reflected a positive sentiment among traders. The funding rate chart showed that traders were anticipating a future price increase, making the funding rate remain positive. At the time of this update, the funding rate was approximately 0.06%.
Realistic or not, here’s AAVE’s market cap in BTC terms
However, it’s worth noting that the chart also indicates a decline in the funding rate.
It suggests that fewer traders are taking long positions. This might be due to expectations of a price decrease or reduced overall interest in doing so.
