Whales are moving large amounts of $AAVE, causing a stir in the market. According to Lookonchain, 0x7634 withdrew 25,790 $AAVE, worth $3.39 million, from Aave and deposited it onto the MEXC exchange just hours ago.
Whales are dumping $AAVE!0x7634 withdrew 25,790 $AAVE($3.39M) from #Aave and deposited it to #MEXC 50 minutes ago.0x790c withdrew 7,822 $AAVE($1.04M) from #Aave and deposited it to #Binance 3 hours ago.#Cumberland deposited 10,000 $AAVE($1.29M) to #OKX 6 hours ago.… pic.twitter.com/HzpwMPtz37
— Lookonchain (@lookonchain) November 5, 2024
Whales Move Over $3M in $AAVE, Traders Eye Price Impact
At the same time, 0x790c sent 7,822 $AAVE worth of $1.04 million from the Aave to Binance in the last hour. This does not end the movement here. Cumberland placed 10,000 $AAVE, which is equivalent to $1.29 million, into OKX earlier today. This was done by GalaxyDigital, who today moved 7,897 $AAVE worth $1.02 million to Binance as well.
Such large transfers have elicited conversations in the crypto space. That whales are trading such large volumes of $AAVE is quite rare and indicates that the market is changing. When whales make such large crossings like this, it usually indicates that there may be price changes afoot, up or down.
These events are being closely monitored by traders, because whales could spike the price of a token. If these whales are selling or transferring their assets, it can potentially lower $AAVE’s value. On the other hand, it can be a signal that they are preparing further moves, meaning new investments or new directions.
$AAVE Market Shifts as Whales Signal Possible Price Changes
It remains uncertain whether these actions are a sign of a long-term strategy or single-shot actions. However, when more than one major player is involved, it can be seen that $AAVE is fluctuating somewhat.
The latest large $AAVE transactions by whales such as 0x7634, Cumberland, and GalaxyDigital may indicate changes in bull’s sentiment. Such actions may indicate changes in prices – an increase or a decrease. The moves are highlighted by Lookonchain, and traders always keep an eye on whales’ activities since they affect the markets, while pointing to a possible shift in $AAVE’s future.
