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Aave is up 8%, becoming the 55th largest crypto amid whale activity.
In what might come close to being possibly one of the most dramatic changes in cryptocurrency, it surged to take the 55th position to be rated as one of the largest cryptocurrencies by market capitalization. It broke above the $1.7 trillion mark on Friday, August 2, following a recent wave of whale activity and influential updates within its ecosystem that seemed to drive its price 8% higher to $116.22 for the decentralized finance protocol.
Even with this impressive uptick, the its current value is still a significant 82.5% below its all-time high of $661.6. Further, the daily trading volume of the cryptocurrency remains quite strong, staying constant at approximately $432 million.
Whale activity drives price surge
The recent price increase has been based on a report by Lookonchain, published on July 31, which underlined major buying activity from cryptocurrency whales. It has been acquiring tokens noticeably in the recent past. According to the analysis shared by Lookonchain, 58,848 tokens which amounts to approximately $6.47 million, were taken out of exchanges in the last few days.
The transactions involved some notable movements from prominent whale addresses. One of them, “0x9af4”, transferred 11,185 tokens from Binance. A chain of transactions moved 21,619 tokens, valued at approximately $2.38 million, from Binance to AAVE. Another address, “0xd7c5”, had previously been removed from 26,044 tokens, equivalent to over $2.83 million from Binance.
Further updates from Lookonchain on August 1 show that a key whale, who had been increasing his activities, transferred 45,718 tokens from AAVE to Binance in two hours. This wallet gathered a total of 74,656 tokens from February to June at an average price per token of $95.38.
The whale’s remaining 28,938 tokens are now worth $3.28 million, with profits estimated at $1.37 million.
Aave protocol hits milestones
On top of these market movements, the focus and money remain on Aave’s protocol. The total value locked in the protocol hit an estimated $12.63 billion. According to data from DefiLlama, $11.19 billion 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 side, Aave Labs announced that V3.1 is now live across all networks with active V3 instances. The update, according to them, received approval from AAVE DAO governance and includes a raft of developments designed to improve the security, operational effectiveness, and generally the user experience of the protocol.
Looking forward, Aave Labs has additionally disclosed a rather ambitious roadmap for the project. Planned within the roadmap is V4, which is projected to be released in 2030. The platform envisions further aggressive growth of capabilities with the future version, hence cementing its lead in DeFi.
With the continued strides the coin is making in the market and technologically, it couldn’t be more at the center of human evolution in DeFi; recent developments and whale activity reflect a dynamic, fast-changing sector.
