- Aave rose to the top of the ranking of cryptocurrencies on 25 June.
- AAVE’s price saw a spike of over 20% to around $68.
Aave [AAVE] has experienced a captivating 24-hour journey, as revealed by the data from Lunar Crush, positioning it as the leading cryptocurrency in its latest update. The recent presence of influential investors may have played a role in its elevated status.
Read Aave’s [AAVE] Price Prediction 2023-24
Aave emerges as the top cryptocurrency
Lunar Crush’s 25 June post unveiled Aave as the leading cryptocurrency in its rankings. This noteworthy achievement signified heightened engagement with the platform and its native token, surpassing other cryptocurrencies.
Additionally, there was a surge in the token’s value, although some significant whale activities primarily influenced it as the weekend drew to a close.
One intriguing aspect highlighted by the rankings was the dominance of Decentralized Finance (DeFi) platforms. These platforms emerged as prominent contenders within the cryptocurrency ecosystem, showcasing their significance and growing influence.
Possible reasons for the spike
In a recent update by Lookonchain, substantial whale activity was observed within the Aave ecosystem on 25 June. A notable whale had amassed 182,000 AAVE, leading to a significant price surge of approximately 27%.
By 26 June, the whale’s holdings had increased to over 257,000, equivalent to roughly $17.2 million. Astonishingly, their accumulation continued, resulting in a total holding of over 474,000 tokens, valued at more than $31 million.
Furthermore, Lookonchain also reported another significant whale activity on 26 June. This particular whale borrowed a sum of over 339,000 USD Coin [USDC] from Aave, utilizing it to purchase more than 5,000 AAVE tokens.
Subsequently, the whale seemed to have taken a long position on the asset within the platform.
As a result of these whale activities, the token experienced a spike in its price, followed by a decline once the whales ceased their accumulation.
Spike and decline dominate price trend
The daily timeframe chart revealed that Aave had been experiencing an upward trend in the days leading up to the events of 25 June. However, the activities on that day caused a significant spike in the price trajectory.
The token witnessed a remarkable surge of 20.44% in value, reaching a trading price of approximately $68.7.
Source: TradingView
This spike represented the most substantial single surge observed since the beginning of the year. As of this writing, the price had declined to around $65, experiencing a decrease of over 5%.
How much are 1,10,100 AAVEs worth today?
Despite the decline, Aave remained in a strong bullish trend, according to its Relative Strength Index (RSI). Although, there was a sharp decline visible in the RSI line at press time.
Furthermore, the Total Value Locked (TVL), per DefiLlama, exhibited a slight upward trend as of this writing. The TVL, representing the total assets locked in the Aave protocol, stood at approximately $5.6 billion.