Whales Accumulating Maker And Aave, Path To 2024 Highs?
15 Enero 2024 - 5:00PM
NEWSBTC
On-chain data suggests that whales are accumulating large amounts
of Maker (MKR) and Aave (AAVE), two leading decentralized finance
(DeFi) tokens. This accumulation trend coincides with a broader
cooling-off period in the crypto scene days after the United States
Securities and Exchange Commission (SEC) approved 11 spot Bitcoin
ETFs. Whales Accumulate MKR And AAVE According to
ScopeScan data, Anchorage Digital, a digital asset custody
firm, purchased a significant amount of MKR on January 15. The firm
acquired 12,103 MKR tokens, valued at approximately $24.7 million,
from Coinbase, a leading crypto exchange in the United
States. Related Reading: Ethereum Bloodbath Incoming?
Celsius’ $125 Million Move Threatens ETH Price Two whales, “0xbb5f”
and “0x4a7,” also accumulated large quantities of MKR and AAVE.
Specifically, “0xbb5f” bought 50,000 AAVE and 2,452 MKR worth
around $5.03 million and $4.95 million from Binance, a leading
cryptocurrency exchange. Meanwhile, 0x4a7 purchased 39,000 AAVE and
2,350 MKR, valued at approximately $3.95 million and $4.75 million,
also from Binance. These whale purchases signal a strong belief in
the long-term potential of MKR and AAVE. Maker and Aave are two of
the world’s leading decentralized lending and borrowing protocols
across DeFi. MKR serves as the governance token for MakerDAO, which
also manages the DAI decentralized stablecoin. On the other hand,
AAVE is the governance token of Aave, a top decentralized lending
platform. According to the latest DeFiLlama data, Maker
and Aave have total value locked (TVL) of over $8.4 billion and
$7.3 billion, respectively. Notably, whales are accumulating MKR
and AAVE when the DeFi scene is recovering following the sharp
contraction from 2022. The industry manages over $56 billion, with
Ethereum hosting more liquid DeFi protocols, including Lido DAO
when writing in mid-January 2024. Will Maker and Aave Rally
To New 2024 Highs On Recovering DeFi? Last year, MKR and AAVE were
among the top-performing DeFi tokens, with MKR rising by over 200%
and AAVE appreciating by more than 150%. Protocol-specific
fundamentals, including the launch of Spark in Maker, partly drove
this strong performance. Related Reading: How Low Can Bitcoin Go?
CryptoQuant Head Reveals Target Aave launched the GHO stablecoin
and the Lens protocol on the Ethereum sidechain, Polygon. Moreover,
expectations of the spot Bitcoin ETF forced aggressive traders to
consider top DeFi protocols, lifting altcoins. As whales
accumulate, there is more headroom for these tokens to grow.
Presently, AAVE and MKR are lower, based on their respective
performance in the daily chart. However, overly, the uptrend
remains. To illustrate, MKR is within a bullish breakout formation
with a critical support level of around $1,560. Any surge past
$2,300 might ignite demand, lifting the token to new 2024 highs.
Feature image from Canva, chart from TradingView
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