Aave rallies 10% amid surging whale activity

Aave’s price has increased by over 10% as whale activity has increased as the market has recovered from the recent decline.

Aave (AAVE) became the 55th largest cryptocurrency by market cap, exceeding $1.725 trillion, as its price rose 8% to $116.22 on Friday, August 2, according to crypto.news data. Despite this increase, the cryptocurrency remains 82.5% off its all-time high of $661.6, while its daily trading volume remains at $432 million.

AAVE 24-hour price data | Source: crypto.news

The recent upward move in Aave’s value followed a report from Lookonchain highlighting heavy buying from whales in the days leading up to July 31. The analysis revealed that over 58,848 AAVE worth approximately $6.47 million had been removed from exchanges.

Detailed transaction data showed that a whale address identified as “0x9af4” withdrew 11,185 AAVE from Binance, worth $1.23 million. Another set of transactions involved the transfer of 21,619 AAVE, worth around $2.38 million, from Binance to Aave. Additionally, address “0xd7c5” had previously transferred 26,044 AAVE — equivalent to more than $2.83 million.

Further insights from Lookonchain on Aug. 1 showed more active trading by a whale that transferred 45,718 AAVE from Aave to Binance, worth around $5.21 million, in just two hours. The whale had accumulated 74,656 AAVE from February to June, each worth around $7.12 million at an average price of $95.38.

The value of the 28,938 AAVE remaining in the whale’s possession is currently valued at $3.28 million, while total profits are estimated at $1.37 million.

Aave Labs Unveils New Products as TVL Surpasses $12 Billion

Meanwhile, the total value locked in the Aave protocol is now around $12.63 billion. According to data from DefiLlama, $11.19 billion of this figure is allocated to Aave V3, with the older V2 and V1 versions holding around $1.42 billion and $14.17 million respectively.

Aave V3.1 is now live on all networks with active Aave V3 instances.

Developed and updated by @bgdlabs and V3.1 enhancements approved by the Aave DAO increase the protocol’s overall security, operational efficiency, and usability.

— Aave Labs (@aave) July 31, 2024

On the development front, Aave Labs announced that Aave V3.1 will be released to all networks with active Aave V3 instances on July 31. Approved by the Aave DAO administration, this update includes enhancements aimed at improving the protocol’s security, operational efficiency, and user experience.

Looking ahead, Aave Labs has announced a comprehensive roadmap for the project, setting ambitious goals including the development of Aave V4 by 2030.