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Whales Drive AAVE Demand: Will It Break $300 Soon?
Aave (AAVE) has had a rollercoaster ride recently, with the cryptocurrency experiencing a significant dip in price. However, it seems that whales are now driving the demand for the asset, and this could potentially lead to a breakout above $300.
According to recent data, whales have been accumulating AAVE in large quantities since the start of January. As of the 1st of January, they held 8.92 million tokens, which is equivalent to an astonishing 55.75% of the total supply. This figure has increased to 9.07 million tokens or 56.69% of the total supply.
As a result, this accumulation by whales could be a crucial factor in determining the direction AAVE will take moving forward. It’s worth noting that this is not the only positive development for bulls. Over the weekend, the cryptocurrency managed to bounce back from its lowest price since January 13th and gained around 13%.
While this might seem like a small gain, it’s essential to note that AAVE’s money flow indicator has been trending upwards since January 8th. This suggests that liquidity is returning to the token.
As a result of these factors combined with the whales’ accumulation, there could be significant upside potential for AAVE in the coming days.
Source: ambcrypto.com
