Recently, the wave of price increases surrounding DeFi and memecoin seems to be on the rise. Data shows that the cryptocurrency wallets belonging to whales and large institutions are significantly increasing the activity of withdrawing large amounts of DeFi tokens on Ethereum from exchanges, while also buying memecoins worth millions of dollars.
According to Lookonchain data, institutional investors are actively accumulating DeFi tokens on the Ethereum network. Notably, blockchain company Galaxy Digital withdrew a large amount from multiple exchanges today. Specifically, they withdrew 1.07 million Uniswap (UNI) tokens worth 18.9 million dollars and 27,722 Aave (AAVE) tokens worth 10.19 million dollars.
According to Arkham Intelligence data, the total AAVE and UNI holdings of Galaxy Digital are valued at 56.26 million dollars at the time of writing.
Source: Lookonchain
Recent reports from IntoTheBlock have indicated that Ethereum whales conducted transactions worth over 74 billion dollars in the past week, with net inflow through exchanges reaching 781 million dollars during the same period. Based on these figures, it appears that whales are currently in a trend of accumulating tokens with the aim of short-term profit.
Aave token skyrockets as whale activity increases
IntoTheBlock notes that the number of transactions from addresses holding multiple AAVE tokens has surpassed 3,100, the highest weekly level recorded since 2022.
Large transaction volume | Source: IntoTheBlock
Earlier this week, a whale drew attention after borrowing 3 million USDT to buy an additional 11.605 AAVE tokens.
According to some sources, this whale has accumulated a total of 87,098 AAVE since October, worth 22.88 million dollars, with an average purchase price of 167 dollars per token. With the recent price increase of AAVE, this whale's unrealized profit is now over 18 million dollars.
AAVE has performed strongly in 2024, with a value increase of over 300% year-to-date and a 342% increase over the past six months, according to Coinmarketcap data. Since July, the price of this token has surged from below $100 to over $360, marking its highest point since 2021.
In just the past 24 hours, the price of AAVE surged from 268 dollars to 372.71 dollars, and trading volume increased by 35% during the same period.
AAVE price chart 4 hours | Source: Tradingview
Analysts believe that the recent price surge is inspired by the market activities of World Liberty Finance. According to various whale activity tracking tools, including Lookonchain, the DeFi platform linked to Trump recently purchased several tokens, such as 37,052 Chainlink (LINK) for 1 million dollars at 27 dollars per token and 685 AAVE for 246,700 dollars at 360 dollars per token.
Solana Memecoin attracts investors
In other news, Lookonchain also highlighted the market activity of a Solana whale that made huge profits by selling the memecoin Just a Chill Guy (CHILLGUY), a token inspired by the meme craze 'Just a Chill Guy' on social media.
Initially, the investor spent 2.025 SOL to buy 5.73 million CHILLGUY and then sold them for 9.963 SOL, making a profit of 7.938 SOL, equivalent to about 1.79 million dollars based on the current valuation of Solana.
In the past 21 days, the same whale has invested 2.75 million dollars in SOL to buy 8.15 million FARTCOIN, which is now valued at 5.28 million dollars. This transaction has helped the whale achieve an impressive unrealized profit of about 2.53 million dollars.
At the time of writing, the market capitalization of Fartcoin has surged to over 712 million dollars, surpassing the scale of 85% of public companies in the United States.
Fartcoin price chart 4 hours | Source: Tradingview
This memecoin has increased by 22% in the past 24 hours and is currently trading above 0.7 dollars. Over the past week, the price of Fartcoin has surged by 257%, pushing the price to an all-time high of 0.76 dollars.
https://tapchibitcoin.io/ca-voi-va-cac-to-chuc-tang-cuong-tich-luy-token-defi-memecoin.html