A whale purchased more than 9,000 AAVE tokens as the price dips.
AAVE recorded around 8% price dip and it is trading at $343, with $5.16 billion market cap.
The election of Donald Trump as the President of the US brought significant changes to the face of the crypto industry. Trump not only promised to make the US a capital of the crypto industry but also appointed several top individuals to fulfill the promise. Adding to that, Trump’s crypto project World Liberty Financial invested in multiple cryptocurrencies. All these factors are making waves in the industry, further accelerating the bull run.
World Liberty Financial (WLFI) made headlines when the project invested a significant amount to purchase ETH, LINK and AAVE tokens. It spent around $1.25 million to purchase over 4,000 AAVE tokens last week. The ongoing bull run, Bitcoin reaching new all-time highs, combined with WLFI purchase, the AAVE token price recorded an uptrend in the last week.
However, the AAVE token price started to record a substantial decrease of around 8% today. While the exact reasons behind the dip are not clear, the price decrease might have to do with the Fed’s interest rate cut announcement. Because, the Fed interest rate cut and Powell’s statement caused a market crash today.
Whale Continues to Purchase Over 9,000 AAVE
A whale with a $15.3M profit continues to expand its $AAVE long position after the price dropped today!In the past 8 hours, the whale borrowed 3M $GHO and spent $3.18M (in $GHO and $WBTC) to buy 9,702 $AAVE.Since October 13, the whale has purchased 96,800 $AAVE at an average… pic.twitter.com/9otB6zRlTC
— Spot On Chain (@spotonchain) December 19, 2024
As per on-chain analytics platform, Spot On Chain, a whale continues to purchase AAVE tokens despite the price dip. Its trading position already holds AAVE tokens with $15.3 million profit and purchased 9,702 AAVE tokens. The whale spent $3.18 million in GHO and WBTC to purchase AAVE tokens.
The Spot On Chain post on X further revealed that this whale purchased 96,800 AAVE since October 13 this year. Its average price is $183.4 per AAVE token. While the whale spent a total of $17.8 million to buy AAVE, it holds an unrealized profit of $15.31 million to date.
Despite the ongoing price dip, whale purchasing more AAVE tokens proves its confidence in AAVE’s future growth potential. On the other hand, Aave governance plans to deploy Aave V3 on WLFI to enhance DeFi opportunities. Aave also proposed to integrate V3 on the Sonic blockchain as per the latest news. With large whale purchases and its relentless trials to enhance the DeFi applications could contribute to AAVE price rise in the new year.
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