Journalist
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- Whales collected AAVE, indicating increased interest.
- Aave’s stablecoin GHO contributed significant annualized revenue.
Aaf [AAVE] witnessed increased interest from whales, with a notable whale wallet “0x04e9” accumulating a significant amount of AAVE over the past two days.
The wallet raised 74,250 AAVE ($7.6 million) from Binance [BNB]indicating significant whale movements within the Aave ecosystem.
Whales come in
The accumulation of AAVE by a prominent whale wallet signals a growing attraction to the token by major investors.
Such whale activity often acts as a precursor to potential market moves, making it a crucial aspect for Aave enthusiasts and investors to keep an eye on.
The influx of whales into the Aave ecosystem could have significant impacts on the value of the token and overall market dynamics.
Whale movements are closely watched for insight into market sentiment and possible future trends, raising questions about the trajectory of AAVE’s price.
Fresh whale wallet “0x04e9” collected $AAVE And $MKR again!
The wallet has withdrawn 74,250 $AAVE($7.6 million) and 4,802 $MKR($6.8 million) from #Binance in the past 2 days.https://t.co/TbOkgxxLXH pic.twitter.com/CMjeNCR1uC
— Lookonchain (@lookonchain) December 26, 2023
Stablecoins also contribute
Aave’s stablecoin, GHO, also proved to be a lucrative asset to the platform. The stablecoin generated annualized revenue of 2.1 million, and its peg steadily improved.
As GHO continues to scale, revenues for the Aave DAO will experience substantial growth.
GHO already generates 2.1 million annual turnover with a small coin cap of 35 million. GHO peg is also getting better and better. It’s a matter of time before GHO is ready to scale and imagine the revenue for the Aave DAO pic.twitter.com/JJEkYfWcBX
— Stani^ (@StaniKulechov) December 20, 2023
The Aave protocol not only benefits from GHO, but also thrives with other stablecoins. USD coin [USDC]for example, offers a remarkable 26% annualized rate of return (APY) through Aave on the Avalanche [AVAX] network.
This attractive APY offers an opportunity for users to earn substantial returns on their stablecoin holdings, contributing to the overall growth and adoption of the Aave protocol.
Realistic or not, here is AAVE’s market cap in BTC terms
Price movements tell a different story
In terms of price, AAVE was trading at $99.32 and experienced a marginal decline of -1.04% in the last 24 hours.
At the same time, AAVE’s network growth witnessed a decline, indicating a possible waning interest of new addresses in the AAVE token. Only time will tell if price movements in the future will reflect the growth of the protocol.
Source: Santiment
