A cryptocurrency whale recently made a significant move by purchasing 31,173 $AAVE tokens, worth $4.8 million, approximately 10 hours ago. The whale promptly deposited the tokens into the Aave platform, signaling a long position in the crypto assets. Lookonchain, an on-chain crypto analytical firm, provided details of the transactions through its official X account. Â
A whale is going long on $AAVE.The whale bought 31,173 $AAVE($4.8M) 9 hours ago and deposited it into #Aave.Then he borrowed 2.7M $GHO from #Aave and swapped it to $USDC.And deposited the $USDC into #Coinbase to buy more $AAVE.Address:https://t.co/s8cD7dHTb5 pic.twitter.com/WuVkTIbj38
â Lookonchain (@lookonchain) October 13, 2024
Crypto Whale Deposits $AAVE into Aave Protocol
After buying the tokens, the whale deposited 31,173 AAVE into Aaveâs DeFi platform. Using Aave, the whale gained access to the protocolâs borrowing options. The strategic move to deposit the tokens allowed the Whale to leverage their position, taking advantage of Aaveâs borrowing services.
The crypto whale reportedly borrowed 2.7 million $GHO, a stablecoin on the Aave protocol. This borrowing strategy was executed promptly, allowing the whale to swap the GHO for USD Coin ($USDC).
Whale $USDC Deposited into Coinbase to Buy More $AAVE
The whale moved the 2.7 million USDC to Coinbase. This transfer is part of a larger plan to buy more AAVE tokens. By utilizing $USDC in Coinbase, the whales likely aim to expand their long position on $AAVE further, signaling continued confidence in the tokenâs potential for future growth.
This whaleâs movements could indicate growing confidence in Aaveâs future performance. The strategy involving borrowing and reinvesting shows a calculated approach to long-term growth. Significant whale actions often lead to increased attention from traders, potentially influencing market dynamics around the token.
Price Analysis of $AAVE
Over the past 24 hours, the price movement of Aave (AAVE) increased by 5.43%, bringing its value to $153.15. Trading volume surged significantly, up by 49.56%, reaching $243.73 million. Aaveâs market cap also increased to $2.29 billion. The total value locked (TVL) is $12.03 billion, and 14.95 million AAVE tokens are circulated out of a total supply of 16 million.
