Whales have started to accumulate crypto with full force after the start of September. A major cryptocurrency investor has recently made a substantial move in the crypto market. According to data from Lookonchain, the whale purchased 50,604 $AAVE, amounting to about $6.78 million, just a few hours ago. As a result of this latest purchase, this whale now owns 125,605 tokens of $AAVE which are worth around $16.9 million.
This whale bought 50,604 $AAVE($6.78M) again 20 mins ago and currently holds 125,605 $AAVE($16.9M) with an average buying price of $134.6.https://t.co/Cn5oNqLdqAhttps://t.co/jjJN59HBqF pic.twitter.com/fGPLn8uANu
â Lookonchain (@lookonchain) September 4, 2024
$AAVE Purchase at $135 per Token Signals Whaleâs Continued Confidence
At the moment, the average price for these tokens stands at about $134.6 per token. This move shows the whaleâs long-term bullish posture in $AAVE and demonstrates confidence in its performance over the long term.
Buying activity of the whale occurred after a significant trade of its holdings on August 22. Within that day, the whale exchanged 4000 $stETH equivalent to $10.4 million to 77270 $AAVE tokens. The price at which $AAVE was purchased at that time was around $135 per token, which also shows the same level of confidence in the cryptocurrency.
Big Transactions Reveal Crypto Whaleâs Positive Outlook on $AAVE
These big transactions indicate that the whale is gradually accumulating a massive stake in $AAVE. Another interesting signal can be large purchases which can indicate high confidence in the assetâs further appreciation as well as popularity in the DeFi segment.
Lastly, it is possible to conclude based on the Lookonchain data that the whale has been making significant investments in $AAVE, which indicates its confidence in the asset. Huge buys in the past few weeks having a large position in $AAVE indicates a firm focus on the DeFi space. While these large transactions persist, they may influence market trends and paint the picture of a positive outlook for $AAVE.
