One of the largest loan platforms and one of the largest among Ethereum-based projects. AAVE‘s native token has become one of the most traded tokens among the top 100 ETH whales in the last 24 hours.
According to data from WhaleStats, in addition to all the developments experienced, the use of AAVE tokens has increased by 25%, placing it among the most used smart contracts by whales.
When the data is examined in more detail, it can be seen that the average purchase size of whales is 144 AAVE, or $14,247, with half the average sale (81 AAVE or $7,970). The total share of AAVE in the portfolios of major ETH holders is 0.45%, or $19.47 million.
AAVE Price Action
One of the important developments coming from its ecosystem is that the team is decentralized. GHO stablecoinwas to develop it. The GHO is expected to be similar in concept to DAI and will be heavily supported by a diversified set of assets based on Ethereum, keeping its value constant.
After the introduction of the GHO, the token itself will strengthen its utility as a governance token of the AAVE DAO, which, in addition to its voting power, will have the right to income from stablecoin turnover.
AAVE has been maintaining its steady growth for almost a month. Having experienced a serious 60% drop since the end of May, the token stopped its decline towards the end of June and started to gain momentum again. Currently, AAVE rises from June lows at $45. 120% rate occurred. At the same time, the chart clearly shows that the token has managed to consolidate around $88 and remains around the pretty strong resistance level of $113.5.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.