According to DeFiLlama, the value of funds locked in the Aave DeFi protocol increased to $13.19 billion on March 25.
Over the past 24 hours, the price of the project’s underlying asset, the AAVE token, has increased by another 9.22% to $172.38. The capitalization of this digital currency today exceeds $2.359 billion.
The cost of AAVE is growing due to the increased activity of the largest addresses. According to the Santiment team, whales and sharks, whose wallets hold between 100 and 10,000 tokens, have invested $10.7 million in this digital asset over the past two months.
The researchers believe that AAVE found a bottom, so a rebound was inevitable. A new Santiment report says that AAVE's capitalization has grown by about 48% in nine days.
Trending: Smart Contracts Audits Startup Hexens Closed $4.2 M Seed Funding
The whales are still supporting the rally, but it looks like they are gradually starting to take profits. Last Thursday alone, the largest cryptocurrency holders completed seven transactions worth more than $1 million.
Most likely, we are reaching peak values in the current cycle. In the coming days, the token will go down, but it is still difficult to say how strong the rollback will be.
If whale wallets make a massive dump, then the fall will be painful, analysts predict.