Whales have invested more than $10M in Aave crypto in two months

by in Cryptocurrency News

AAve

DeFi token Aave (AAVE) is ranked 54th in the ranking of digital currencies. Over the past seven days, its capitalization has grown by almost 30% to $2.035 billion. Aave starts the new week at just over $150.

In the DeFi market, this protocol is in fifth place, with $12.76 billion worth of digital assets blocked in it.

In October last year, the project accumulated almost $20 billion in assets, but then Aave faced an outflow of funds.

However, the attractiveness of the underlying asset of the project - the AAVE token, on the contrary, has increased dramatically since the beginning of 2022. Since January, whale and shark addresses, which control between 100 and 10,000 coins, have invested $10.7 million in this digital asset, the Santiment team said in a report.

Trending: Salvadorans are against buying bitcoins at the expense of the budget

During this time, the largest wallets have acquired just over 70,000 AAVE. Whales have been ramping up investment in the underlying asset of the DeFi protocol ahead of the massive V3 update. It took place on March 16th.

According to the developers, V3 is the most powerful and secure version of the Aave protocol to date. Thanks to the update, it was possible to optimize the cost of transaction fees and improve the risk management system.

The community received additional tools, including wallet and hotspot integrations for InstaDApp, DeBank, 1inch, Paraswap, Zapper, DeFiSave, and Zerion.

Trending: CoinShares: Bitcoin funds raised $8.8 million in a week

According to analysts' forecasts, the nearest key resistance zones for AAVE are in the $180 and $240 areas. Note that the coin in the fall of 2021 reached $632.