Aave (AAVE) seems to be gaining traction as whales have started accumulating the asset, suggesting a potential market rally soon. Today, Onchain Lens spotted a PEPE whale who acquired AAVE tokens worth $2.18 million.
PEPE whale bet big on AAVE
In a post shared on X today, the whale sold 2.25 million LDO tokens worth $2.18 million for WETH. He then swapped the funds in WETH for 12,037 AAVE tokens at a price of $181.
Initially, the investor purchased 3.6 million LDO for 2,234 ETH ($7 million). He currently holds 1.35 million LDO ($1.215 million), facing a loss of $3.6 million.
The move by this investor shows that amid the ongoing crypto market downturn, whales are adjusting their positions. As retail investors are in fear, whales are calmly accumulating altcoins with big long-term prospects. This whale seems to have capitalized on the market dip to acquire large quantities of AAVE.
Aave price updates
Of late, the digital asset market has been experiencing increased volatility due to global economic uncertainty, especially triggered by the Trump-led tariff policy. The performance of altcoins has been moving in tandem with Bitcoin’s price consolidation after the largest cryptocurrency failed to surpass the $88 level. Aave has not been left out of the market downtrend.
Aave has been in a correction movement, with its price down 1.1% over the past week. Its asset rose by 1.5% over the past 24 hours, currently placing its value at $178.59. This decline is part of a wider trend that started early last month, with Aave decreasing its momentum, identified by lower lows and lower lows in trading timeframes. As the market adapts to these conditions, the asset is anticipated to remain stable in the coming weeks due to the rising presence of buyers.
Despite the market correction, there is a ray of hope as long-term buyers seem to be strengthening their positions. The above action by the PEPE whale suggests that long-term crypto holders are showing interest in Aave, which could help stabilize the value of the asset over time.
Whale activity has risen as the market goes through a wave of dips. This big buying and selling by large investors could trigger substantial price movements in the short term. The heightened activity from big investors signals confidence in Aave’s long-term potential.
As whales adjust to their holdings and respond to market conditions, it is essential to watch for key support and resistance levels for AAVE. The coming few weeks would determine whether the asset could reverse its downturn or experience further drop. If the altcoin can manage to move above the resistance level of $187.94, it could overturn the bearish sentiment. However, if it loses strength and falls below the support level of $170.80, the downside movement remains in play.
