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Whales Drive AAVE Demand: Will It Break $300 Soon?
In a stunning turn of events, the cryptocurrency market has witnessed a drastic shift in demand for Aave (AAVE). As the bearish performance from last week seems to be cooling off, whales have been accumulating the token since the start of January. This significant development could potentially pave the way for AAVE’s price to break the $300 barrier.
According to historical concentration data, it has been observed that whales have been actively purchasing the coin since the beginning of the year. As of the 1st of January, these large-scale investors held an impressive 8.92 million AAVE tokens, which accounted for a substantial 55.75% of the total supply. This figure has seen a noticeable increase to 9.07 million tokens or 56.69% as of the given date.
It is essential to note that whales currently comprise the largest cohort of AAVE holders, thereby exerting significant influence on its price. The accumulation activity by these large-scale investors serves as a healthy indication for Aave bulls. It could potentially signify that the price might rally following the recent dip.
The latest data indicates that demand has been building up since the 8th of January, with liquidity flowing back into the token. This upward trend is further bolstered by the fact that AAVE sold for $290.75 after experiencing a remarkable 13% recovery from its lowest point on the 13th of January.
The weekend’s pivot and subsequent bullish momentum over the last two days suggest that the coin could be poised for even more upside. However, sustained demand is crucial to validate this possibility. New insights from on-chain statistics reveal an impressive surge in interest following the recent sell-off.
Source: ambcrypto.com
