Aave’s price saw a surge of over 12% amid heightened whale activity and a broader jump in the global crypto market.

At the time of writing, Aave has become the 47th largest cryptocurrency, with its market cap exceeding $1.89 trillion as its price soared 12.4% on Aug. 20, trading at $126.9. Despite this rise, the cryptocurrency remains down 80.8% from its all-time high of $661.6, while its daily trading volume is staying at $392 million.

Significant whale activity was observed as two large investors bought 31,407 AAVE, valued at approximately $3.92 million, within a short span. One whale address, 0x3737, spent 813 ETH, equivalent to $2.18 million, to purchase 17,690 AAVE at a price of $123 per token. Another whale, identified by the address 0x1D15, withdrew 13,717 AAVE worth about $1.73 million. As of now, this whale holds a total of 19,373 AAVE, valued at $2.45 million.

Meanwhile, blockchain analytics firm Lookonchain highlighted that whales had significantly increased their holdings of Aave within just a three-hour window. This activity coincides with a broader recovery in the DeFi sector. Edward Wilson, Head of Marketing at Nansen Analytics, noted a pivotal shift in the crypto market from speculative meme coins towards more fundamentally strong DeFi projects. This trend, according to Wilson, signifies a maturation within the market that favors sustainable growth over fleeting excitement.

Nansen Analytics has also tracked a substantial increase in Aave holdings by seasoned investors, amounting to around $5 million since early August. This growing confidence seems to be supported by technical patterns on Aave’s price chart. Wilson commented,

“The developing Adam & Eve bottom pattern suggests a strong potential for further upward momentum, which aligns with the market’s renewed focus on strong fundamentals.”

Earlier in July, Aave’s price had already seen an 8% boost following a proposal by founder Marc Zeller to implement a token buyback program, further fueling optimism about the token’s future.

For more updates on the cryptocurrency market, stay tuned to Global Crypto News.

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