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- AAVE price registered a breakout above the $300 mark and could reach $500 soon.
- Blockchain Capital moved 16,964 AAVE worth $4.71 Million to FalconX.
AAVE, the native token of the decentralized crypto lending platform, surpassed the $300 mark for the first time since 2021 and is making waves. The true driver of AAVE’s price rally is the reappearance of dormant coins.
Santiment data reveals that this upsurge was accompanied by a steep collapse of the ‘Mean Dollar Invested Age’. This implies that major stakeholders are moving previously dormant tokens back into circulation.
This puts a lot of active coins into circulation, which could fuel bullish momentum in AAVE coin.
Over the past seven sessions, AAVE price surged over 45% with volume surge of over 89%. At press time, AAVE price traded at $376.80, noting an intraday rise of over 2.3%. Its market cap rose to $5.66 Billion, ranked 28th among the top crypto coins.
According to the tweet from Onchain Lens, Blockchain Capital touched its AAVE tokens for the first time in 2 years. The firm transferred 16,964 AAVE tokens equating to $5.06 Million at the current price to FalconX exchange yesterday.
For the investment, the company holds 233,256 AAVE tokens, purchased at an average price of $82.9 between August 2020 and March 2023 via direct purchase, OTC sales, project wallets, and Anchorage Digital.
After the latest trade, Blockchain Capital owns 216,292 AAVE tokens equivalent to $66 Million. Notably, this makes them the largest non-team/CEX holder of AAVE.
This massive inflow following a long period of inactivity could signal renewed whale interest in AAVE. This could push the altcoin’s price higher.
ETH, AAVE, LINK: World Liberty Financial Adds $12M to Crypto Portfolio
World Liberty Financial purchase consisted of 2,631 ETH worth $10 Million 3,801 per ETH, 3,357 AAVE tokens, and 41,935 LINK, each worth $1 Million.
This was the first instance where WLF bought AAVE and LINK demonstrating an enhanced positive sentiment towards DeFi tokens.
The fund bought 8,105 ETH at an average cost of $3,701 using $30 Million in USDC.
These purchases indicate that the fund is confident about the value of these digital assets and its DeFi holdings.
Assets now total $63.95 Million in World Liberty Financial’s portfolio. 14.573K ETH, 3.058M USDT, 1.357K AAVE, and LINK are included with this, demonstrating a deep involvement with the cryptocurrency space.
An increase in the exposure to Ethereum, AAVE, and LINK suggested that the fund has strong bullish prospects for the industry in DeFi.
A signal of the growing institutional acceptance of crypto and DeFi products, World Liberty Financial has been steadily stacking.
AAVE Price Breached $300 Wall: is $500 Within Reach by Year End?
On the weekly timeframe, AAVE crypto price registered a breakout and moved higher with the 3rd rising wave structure. Any dips toward the $330-$320 could be an ideal buying opportunity for a corrective 4th phase.
The 5th rising wave was imminent, which could sail the altcoin toward the $430 mark followed by $530 in the short term.
A golden crossover was observed on the daily timeframe which adds weight to the bullish thesis.
In case of retracement below $350, AAVE price may retest the support zones of $320 and $310 in the coming days.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
