Journalist
Posted:
- An Aave whale now controls more than 2% of the total circulation.
- The positive trend of AAVEs continues with a price increase of more than 4%.
Recently, Aave has witnessed substantial individual accumulation of a prominent whale. This whale in particular has achieved a remarkable record in terms of the total volume of token they have amassed.
On November 9, Spot on chain discovered a notable transaction involving Aave. This transaction revealed that a whale had just withdrawn 64,557 AAVE tokens, with an estimated value of $6.7 million.
Further examination of the whale’s wallet revealed that they had withdrawn 338,794 tokens over the past two days, with a combined value of approximately $34 million.
According to the latest information available, this whale has become the largest individual holder of Aave tokens. The whale currently owns 2.12% of the total token supply.
According to data from CoinMarketCap, the total supply of Aave tokens is reportedly 16 million.
Aave has had a good run
The daily timeframe chart revealed strong upward price movement for Aave over the past 48 hours. By the close of trading on November 8, the price had risen more than 2.7% to around $1.4.
At the time of this update, the value had risen even further, surpassing $1.5 with a gain of over 4%.
Furthermore, this recent price increase has pushed the Relative Strength Index (RSI) into overbought territory. This indicates significant buying pressure and a prevailing bullish trend.
Source: TradingView
Furthermore, an analysis of the Moving Average Convergence Divergence (MACD) showed that the trend was above zero. This alignment with the bullish signal from the RSI reinforces the overall positive sentiment in the market.
Does the derivatives market also share this sentiment?
Positive sentiment on the derivatives side?
Based on data from Mint glassthe funding rate for Aave reflects positive sentiment among traders. The financing rates graph showed that traders were anticipating a future price increase, which kept the financing rate positive. At the time of this update, the coverage ratio was approximately 0.06%.
Realistic or not, here is AAVE’s market cap in BTC terms
However, it is worth noting that the graph also shows a decline in the funding rate.
It suggests fewer traders are taking long positions. This may be due to expectations of a price drop or reduced general interest in it.
