Whales Accumulate MKR and AAVE
Recent on-chain data reveals that whales are accumulating significant amounts of Maker (MKR) and Aave (AAVE), two prominent decentralized finance (DeFi) tokens. This accumulation coincides with a cooling-off period in the crypto market following the approval of 11 spot Bitcoin ETFs by the SEC.
Anchorage Digital, a digital asset custody firm, acquired 12,103 MKR tokens worth $24.7 million from Coinbase. Additionally, two whales known as “0xbb5f” and “0x4a7” purchased large quantities of MKR and AAVE from Binance.
The whale purchases indicate a strong belief in the long-term potential of MKR and AAVE. Both tokens are associated with leading DeFi lending and borrowing platforms: MakerDAO for MKR and Aave for AAVE. According to DeFiLlama data, Maker has a total value locked (TVL) of over $8.4 billion, while Aave has a TVL of $7.3 billion.
Will Maker and Aave Rally To New 2024 Highs on Recovering DeFi?
Last year, MKR and AAVE experienced significant growth, driven by protocol-specific developments and increased interest in DeFi. MKR rose by over 200% and AAVE appreciated by more than 150%. The launch of Spark in Maker and the introduction of GHO stablecoin and Lens protocol on Polygon contributed to their performance.
Despite some recent declines, there is still potential for further growth in MKR and AAVE. MKR is currently within a bullish breakout formation, with a critical support level at around $1,560. If it surpasses $2,300, it could trigger increased demand and push the token to new highs in 2024.
Hot Take: Whales Showing Confidence in MKR and AAVE
The recent accumulation of Maker (MKR) and Aave (AAVE) tokens by whales indicates a positive outlook for these DeFi assets. With the backing of Anchorage Digital and prominent individuals, MKR and AAVE are poised for potential growth in the long run. As the DeFi market recovers from previous contractions, MKR and AAVE’s strong fundamentals and high TVL position them favorably among other decentralized lending and borrowing protocols. The performance of these tokens in 2021, coupled with ongoing developments within their respective platforms, suggests that they could rally to new heights in 2024.
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