AAVE, the native token of the crypto lending protocol with the same name, was among the top performers during August. The cryptocurrency showed strength throughout the retraces, displaying green numbers in most timeframes after recovering.
Its performance gathered the attention of crypto analysts, who consider the token could become a top narrative at the end of the year. As a result, crypto whales have turned their eyes to the token, accumulating millions of dollars worth of AAVE in the past month.
Whales Continue Buying Spree
AAVE became one of the best-performing cryptocurrencies since August, rising nearly 63.5% in the last 30 days. This performance sparked renewed interest in the token, driving whales to accumulate it throughout the past two weeks.
Since August 20, the crypto lending protocol’s token caught the attention of several whales. As reported by on-chain data analysis firm Lookonchain, large investors have purchased around 170,382 tokens, worth $22.27 million, in the last two weeks.
One whale took advantage of the price drops and accumulated over 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 bought another 50,604 tokens, worth around $6.78 million. After the buying spree, the whale holds 125,605 AAVE, worth $16.9 million, purchased at an average price of $134.6.
AAVE Recovers $130 Support Zone
AAVE’s price dropped over 12% to $116 as Bitcoin dropped below the $57,000 mark on Tuesday night. However, the token quickly regained over 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. On 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 “undoubtedly” is one of the strongest cryptocurrencies in the market. Nonetheless, the analysts suggested that AAVE might continue to chop around the current price range in the short term.
According to Nebraskangooner, the token has one of the “best-looking monthly charts” but will continue to depend on the broader market’s performance. To the analyst, AAVE’s price will likely go down if the market drops.
However, he also considers 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 target the $150 mark if Bitcoin and Ethereum bounce from the current levels.
As of this writing, AAVE is trading at $130, a 1.2% drop in the last 24 hours.
Featured Image from Unsplash.com, Chart from TradingView.com