AAVE, a prominent DeFi token, has experienced a significant increase in price over the past week, gaining 28.33% according to CoinMarketCap. This surge in price is likely due to the overall boost in the crypto market, which has been fueled by Bitcoin’s recovery. AAVE started the week trading at around $50.99 and closed at $56.86. However, on June 25, the token experienced a massive spike, reaching as high as $75.06 for the first time in a month. Although the price has since declined, AAVE seems to have found some stability and may be preparing for another breakout. Currently, AAVE is trading at $65.4 with a 0.67% rise in the last hour. The token’s daily trading volume stands at $406 million, and its market cap is approximately $942 million. The recent rise in AAVE’s price is speculated to be driven by whale activity from an investor with the wallet address “0x5a80.” This individual purchased a significant amount of AAVE within a short period, leading to the surge in market value. However, since the whale stopped accumulating AAVE, the token’s price has been declining. Investors will likely be watching the actions of this whale closely in the coming days as it may impact future price movements.
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