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AAVE, the native token of the crypto lending protocol of the same name, was among the top performers in August. The cryptocurrency showed strength during the retracements and showed green numbers in most time frames after recovery.
Its performance caught the attention of crypto analysts, who believe the token could become a top story by year’s end. As a result, crypto whales have turned their attention to the token, accumulating millions of dollars worth of AAVE in the past month.
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Whales keep buying
AAVE has become one of the best-performing cryptocurrencies since August, rising nearly 63.5% in the past 30 days. This achievement sparked renewed interest in the token, prompting whales to collect it over the past two weeks.
Since August 20, the crypto lending protocol token attracted the attention of several whales. As reported by on-chain data analytics company Lookonchain, major investors have purchased approximately 170,382 tokens worth $22.27 million over the past two weeks.
One whale took advantage of the price drops and has collected more than 120,000 AAVE since August 21. This whale used 4,000 steTH to buy 77,270 AAVE tokens two weeks ago. The purchase was valued at $10.4 million, with an average token price of $135.
On Wednesday morning, the same investor purchased another 50,604 tokens, worth approximately $6.78 million. After the buying spree, the whale owns 125,605 AAVE, worth $16.9 million, purchased at an average price of $134.6.
AAVE Recovers Support Zone at $130
The price of AAVE fell more than 12% to $116, while Bitcoin fell below $57,000 on Tuesday evening. However, the token quickly regained more than 16% of its price to trade above the $135 range.
The price recovery appears to be fueled by whale activity and recent reports of a Trump link, as noted by some analysts. Wednesday reports suggested that Donald Trump’s crypto project, ‘World Liberty Financial’, will be a DeFi lending platform based on Aave and Ethereum.
Following the news, Altcoin Sherpa highlighted the token’s “nice move”, adding that it is “undoubtedly” one of the strongest cryptocurrencies on the market. Nevertheless, the analysts suggested that AAVE could continue to hover around its current price range in the near term.
According to Nebraskangooner, the token has one of the “best looking monthly charts” but will remain dependent on the performance of the broader market. To the analyst, the price of AAVE is likely to be valleys when the market falls.
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However, he also believes it is worth keeping an eye on as it could be one of the best performing assets “if the market finds a good support level.” Crypto trader CrediBull also suggested that the token could reach the $150 mark if Bitcoin and Ethereum bounce off current levels.
At the time of writing, AAVE is trading at $130, down 1.2% in the last 24 hours.
Featured image from Unsplash.com, chart from TradingView.com