A crypto whale has 31,173 AAVE$AAVE
The investor borrowed 2.7 million GHO stablecoins in exchange for the AAVE he used as collateral and provided liquidity by transferring these coins to Coinbase. This transaction increased the price of AAVE and caused a 48% increase in the altcoin's trading volume.
According to data from blockchain tracking platform Lookonchain, a crypto whale has been identified to have made a significant investment in AAVE on October 13. The whale spent approximately $4.8 million by purchasing a total of 31,173 AAVE coins and depositing these assets into the Aave protocol, aiming to benefit from the decentralized finance ecosystem. This move reinforces investor expectations that the price of AAVE will rise.
The whale’s goal is not just to accumulate AAVE, but also to take advantage of the opportunities offered by decentralized protocols. Using the AAVE coins he purchased as collateral, the investor borrowed 2.7 million GHO stablecoins in return. He then converted these GHO coins to USDC and transferred them to the Coinbase exchange. It seems that the investor plans to expand his position by using this liquidity for further purchases. Such transactions reflect an experienced strategy in both asset management and decentralization. The funds created by the whale by borrowing indicate an aim to gain a stronger position in AAVE.
Possible Market Impacts of Whale’s Purchase
Transactions of this size can cause market volatility. High volume trading can often lead to short-term price volatility, especially in the crypto world. This movement can attract the attention of other investors and cause them to take similar positions.
Such strategic moves could increase investors’ confidence in AAVE and revive interest in the decentralized finance ecosystem. Such strategies by major investors once again emphasize the importance of the opportunities offered by decentralized finance. Possible changes in the price of AAVE will determine the impact of this movement on the market. According to current data, AAVE is trading at $152.40, up 5.03% in the last 24 hours, and the altcoin’s trading volume increased by 48% in the same period to $244.86 million.