Altcoin Whales Withdraw $9M in $AAVE from Binance Amid Rising Token Demand

In the past 24 hours, three large altcoin holders have withdrawn 67,197 AAVE tokens, valued at $9.02 million, from Binance, as reported by on-chain monitoring platform Lookonchain. Among them, two whales, whose addresses are 0x3f9 and 0x64c, most likely belonging to the same person, withdrew 16,592 AAVE tokens that are equivalent to 2.22 million US dollars a few hours ago.

Three whales have withdrawn 67,197 $AAVE ($9.02M) from #Binance in the past 24 hours!

1. Two whales, 0x3f9 and 0x64c (likely one entity), withdrew 16,592 $AAVE ($2.22M) for the first time ~ 50 mins ago.

2. Multisign 0xa92 withdrew 50,605 $AAVE ($6.8M) ~ 20 hours ago, now… pic.twitter.com/tcCA76Iobj

— Spot On Chain (@spotonchain) September 5, 2024

Altcoin Whale Adds 50K AAVE Tokens as Value Rises to $143

Earlier today, another big whale using a multisignature wallet 0xa92 withdrew 50,605 AAVE tokens worth $6.8 million. The entity now owns a total of 125,605 AAVE tokens which has an estimate value of about $16.7 million.

The last few days’ whales’ movements around AAVE tokens have been followed with an eye on its token and the new economic architecture it put forward. In the period from July 27th to September 1st, the price of AAVE has raised from $90 to $143 which shows an increase in value. This price increase has ranked AAVE among some of the best-performing DeFi tokens in the last few months.

AAVE Whale Activity Signals Confidence, Raises Liquidity Questions

Their massive amounts of AAVE tokens movements may be interpreted as a sign of their rising interest and confidence in the token. On the other hand, their actions may result to questions over the token’s liquidity. If more large holders sell or reduce their ownership stakes, this may impact the number of tokens in the market.

The current altcoin whale activity, highlighted by Lookonchain, shows the increase in demand for AAVE and what it means to liquidity particularly given the rising prices in the token.

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