- Whales bullish on Aave as a wallet withdraws 74,250 AAVE ($7.6M) from Binance.
- Its stablecoin (GHO) also records an annualized revenue of 2.1 million according to reports.
Aave appears to be one of the best-performing crypto assets in the last few days with a 7% price surge in the last 24 hours. According to market data, Aave is currently up by 3% in the last seven days and also up by 72.73% in the last three months, adding $44.99 to its previous price to trade at $106.85.
Unlike most of the digital assets, Aave has a bullish market sentiment with a score of 97/100. Interestingly, the asset is expected to continue its bullish run as whales aggressively accumulate it. A report has disclosed that a notable whale wallet identified as “0x04e9” has so far amassed a huge sum of assets in the past two days. 74,250 AAVE ($7.6M) was withdrawn from the Binance exchange according to reports. This indicates the rising interest of large investors in the digital asset. According to analysts, this can be a perfect catalyst for a rally.
Lookonchain further disclosed that the whale wallet also withdrew 4,802 Maker (MKR) equivalent to $6.8M from Binance.
Another look into the ecosystem led to the discovery that Aave’s stablecoin, GHO, had its fair share of rising adoption as it had an annualized revenue of 2.1 million.
GHO is already bringing 2.1M in annualized revenue @ tiny 35M mint cap. Also, the GHO peg is getting better. It’s a matter of time before GHO is ready for scale, and imagine the revenue for the Aave DAO.
Aave Protocol Benefiting from Other Stablecoins
According to the report, the Aave Protocol is equally making a good deal out of other stablecoins like USDC. As of press time, USDC was offering 26 percent annual percentage yield (APY) via Aave on the Avalanche (AVAX) network. The APY is enough to provide a huge return on stablecoin holdings.
The growing network activities can be associated with the collaboration with decentralized Web3 infrastructure provider Pocket Network to enable developers to increase scalability when building decentralized applications on the Aave Protocol. Aave would also use Pocket’s distributed network of 44,000 nodes to access on-chain data from various blockchains.
Michael O’Rourke, CEO of Pocket Network commented:
The goal is to power the next wave of decentralized applications that combine Aave’s best-in-class liquidity market with Pocket’s unrivaled RPC coverage, which now supports 50 blockchains and is well on its way to achieving its goal of 100 blockchains in 2022.
In September, Aave collaborated with Metis to enhance their ecosystems. This collaboration offers it a wider user base in the Ethereum ecosystem while increasing liquidity and borrowing demand. On top of that, it would have improved liquidity.
Analysts have predicted that Aave could finish the year with a minimum price of $128.22. On average, the asset is expected to finish the year with $160.28, or even proceed to hit $192.34 within this short time.
Crypto analyst Bluntz commented on the recent run of the asset.
Starting to look like DeFi might make a resurgence soon. $AAVE looks amazing to me, especially its BTC pair, nice 12h bull div, high timeframe accumulation, and 5 waves within the C. This is such an easy long in it like taking candy from a baby.
