AAVE’s Wild 24 Hours: From Whale Activity to Surges and More

• Aave rose to the top of the ranking of cryptocurrencies on 25 June, seeing a spike of over 20%.
• Influential investors and whale activities primarily influenced the surge in its value.
• The token experienced a spike in its price, followed by a decline once the whales ceased their accumulation.

Aave’s Wild 24 Hours

Aave has emerged as the leading cryptocurrency after an exciting 24 hour journey filled with surges and shifts. On June 25th, Aave saw a 20% increase in value which was driven by influential investors and captivating whale activities.

Lunar Crush’s Rankings

Lunar Crush revealed Aave as the leading cryptocurrency in its rankings which indicates heightened engagement with the platform and its token. DeFi platforms have also become prominent contenders within the cryptocurrency ecosystem, showcasing their significance and influence.

Significant Whale Activity

Lookonchain observed substantial whale activity accumulating 182,000 AAVE tokens which led to a significant price surge of approximately 27%. Another whale borrowed 339,000 USD Coin [USDC] from Aave to purchase 5,000 AAVE tokens taking a long position on the asset within the platform. This caused another spike in prices followed by a decline once whales stopped accumulating.

Daily Timeframe Chart

The daily timeframe chart revealed that Aave had been experiencing an uptrend for some time prior to this surge but it reached new heights after these events occurred. After reaching all-time highs of $68 per coin it eventually declined back down but is still trading at higher levels than before these events took place.

Conclusion

The significant presence of whales and influential investors have played an integral role in driving up Aaves value over this 24 hour period but it remains unclear if this trend will continue or not. As more people enter into DeFi platforms such as Aave we may see further increases in prices for this token going forward into 2021