In the last several months, whale watching has become increasingly popular in Aave. This resurgence of curiosity may be attributable to a number of recent partnerships between banking and the DeFi industry. It’s also possible that the entire value locked in V3 will be the primary factor in attracting investors. But will AAVE continue to expand, or will whales quickly dump the token?
Who’s up for a whale party?
On September 19th, Santiment released data that they said showed there was significant whale interest in AAVE. The percentage of Aave coins held by primary whale wallets with balances of one million or more has risen to 54.5%. The was the greatest sum ever owned by that group.
Looking forward, AAVE’s development activity skyrocketed over the past week. This demonstrated the significant technological progress made by the Aave team. And it’s possible that brand-new additions and improvements will soon be available. The asset’s volume also saw a rise. As of this writing, the volume was at 123 million, up from 70.83 million on September 18.
Major Leaps Made by Some AAVE
As a side note, Aave made significant progress in the DeFi domain. Through an agreement with Flashstake DAO, token holders will now be able to stake their holdings for immediate, upfront rewards. There would be no yield-waiting customers.
Furthermore, since May, Aave’s V3 has increased alongside its overall value locked. The overall amount locked appears to be gaining momentum, while experiencing some volatility after peaking at $1.67 billion in August. In addition, as of this writing, the current TVL was around $1.17 billion.
However, before making any deal, investors should be wary of some bearish indicators. There have been no positive shifts in AAVE’s social media influence over the past month. What that may indicate is a lack of enthusiasm for cryptocurrencies generally. The value of the coin on the market has also fallen recently. And this could cause investors some anxiety in the long run.
Meanwhile, bears have been in control of the crypto market for the past few sessions. At the time of writing, the total value of all cryptocurrencies was about $923.87 billion, down 0.80% in 24 hours. Bitcoin’s value fell to $18,992.84 (a drop of 1.35%) in the past day. In the immediate future, the path to the upward seems cloudy, and the markets appear ready for further declines.
