Yesterday, on-chain analytics platform Lookonchain shared in an X-post that a whale withdrew 70,100 Aave (AAVE) from Binance. The revoked AAVE tokens were worth approximately $6.9 million. Lookonchain also stated that this whale activity was likely responsible for the almost 8% increase in AAVE’s price at that time.
Earlier today, the analytics platform shared in another X post that the whale decided to withdraw another 70,000 AAVE, worth $6.93 million, from Binance. In total, the whale has now withdrawn 140,100 AAVE from Binance, leaving them with $13.88 million in AAVE tokens.
The whale withdrew another 70,000 $AAVE ($6.93 million) from #Binance 5 minutes ago.
And withdrew a total of 140,100 $AAVE ($13.88 million) from #Binance in the last 24 hours.https://t.co/t0C1PjdqKM pic.twitter.com/vg21VK2NLg
— Lookonchain (@lookonchain) November 7, 2023
Following the whale’s retreat, data from CoinMarketCap indicated that AAVE saw its price rise by more than 16% in the past 24 hours. This left AAVE’s trading hand at $102.90, which was a new daily high for the altcoin.
AAVE / Tether US 1D (Source: TradingView)
AAVE’s 24-hour trading volume increased to approximately $336,641,183 at the time of writing, after rising 161.92% since yesterday. Moreover, AAVE was able to strengthen by around 16.49% against Bitcoin (BTC).
AAVE’s price spike also ultimately pushed the weekly performance even further into positive territory, to +25%. The token’s price success also saw AAVE’s market capitalization rise to $1,505,399,111.
In related news, Aave announced Saturday that it has decided to temporarily suspend trading on several of its markets due to concerns about a particular feature of the Aave Protocol. The announcement did not specify the exact nature of the issue or which specific assets were affected.
However, some funds on Polygon, Arbitrum and Optimism were temporarily frozen as a precaution. To provide some peace of mind to the community, Aave also highlighted the fact that absolutely no funds in its markets were at risk.
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