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 The withdrawn AAVE tokens were worth about $6.9 million.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 In total, the whale has now withdrawn 140,100 AAVE from Binance, leaving them with $13.88 million in AAVE tokens.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And has withdrawn a total of 140,100 $AAVE($13.88M) from #Binance in the past 24 hours.https://t.co/t0C1PjdqKM pic.twitter.com/vg21VK2NLg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