Aave’s price experienced a surge of over 10% amid heightened whale activity, recovering from a recent market drop.

Aave has become the 55th largest cryptocurrency, with its market cap exceeding $1.725 trillion as its price soared 8% on Friday, Aug. 2, trading at $116.22. Despite this rise, the cryptocurrency remains down 82.5% from its all-time high of $661.6, while its daily trading volume is around $432 million.

Whale Activity Boosts Aave’s Price

The latest upward movement in Aave’s value followed extensive buying from whales over the preceding days. More than 58,848 AAVE, worth approximately $6.47 million, were moved off exchanges.

Whales accumulated 58,848 AAVE ($6.47M) in the past 2 days!

Detailed transaction data showed that one whale address, identified as “0x9af4,” pulled 11,185 AAVE worth $1.23 million from Binance. Another series of transactions involved the transfer of 21,619 AAVE, valued at approximately $2.38 million, from Binance to Aave. Additionally, address “0xd7c5” had previously transferred 26,044 AAVE — amounting to more than $2.83 million — off Binance.

Further Whale Activity

Insights from Aug. 1 indicated more active trading by a whale who shifted 45,718 AAVE, valued at about $5.21 million, from Aave to Binance within just two hours. The whale had accumulated 74,656 AAVE, costing about $7.12 million, from February to June at an average price of $95.38 each. The whale’s remaining holdings of 28,938 AAVE are currently valued at $3.28 million, with total profits estimated at $1.37 million.

Aave Labs and Protocol Developments

Meanwhile, the total value locked (TVL) in the Aave protocol now stands at approximately $12.63 billion. According to DefiLlama, $11.19 billion of this figure is allocated to Aave V3, with the older V2 and V1 versions holding about $1.42 billion and $14.17 million, respectively.

On the development front, Aave Labs announced the launch of Aave V3.1 across all networks with active Aave V3 instances on July 31. This update, approved by Aave DAO governance, includes enhancements aimed at improving the protocol’s security, operational efficiency, and user experience.

Looking ahead, Aave Labs has unveiled a comprehensive roadmap for the project, setting ambitious targets, including the development of Aave V4 by 2030.

Stay updated with the latest cryptocurrency news and developments at Global Crypto News.

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