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Whales Drive AAVE Demand: Will It Break $300 Soon?
The cryptocurrency market has been witnessing a series of ups and downs over the past few days. However, there is one token that has gained significant traction recently – AAVE (Aave). The sudden surge in demand for this token can be attributed to the whales’ increased interest in it.
According to historical data, the concentration of AAVE tokens held by whales has been steadily increasing since January 1st. As of the time of observation, these large investors have accumulated a significant amount of coins, amounting to over 9 million AAVE tokens or approximately 56.69% of the total supply.
The sudden accumulation by whales could be seen as a sign that this asset is about to take off in the near future. This kind of investor activity has been seen before and can often precede a significant price increase.
But what makes this situation more promising is that whales are not the only ones showing interest in AAVE. Retail investors have also started to accumulate the token, with their balances increasing from 3.03 million to 3.05 million tokens during the same period.
This surge in demand could be a sign of things to come for the market as a whole.
Source: ambcrypto.com
