Crypto whale withdrawal drives AAVE token value surge and market cap development

In a collection of occasions this week, the decentralized finance token AAVE noticed a big enhance in its value and market capitalization following two substantial withdrawals by a cryptocurrency whale from Binance. The withdrawals led to an preliminary 8% value surge, adopted by an extra 16% enhance, as reported by Lookonchain.

The whale’s withdrawal of 140,100 AAVE tokens resulted in a each day excessive of $102.90 per token, based on knowledge from CoinMarketCap. Concurrently, the 24-hour buying and selling quantity escalated to $336,641,183. This exercise not solely boosted the token’s value but additionally strengthened AAVE’s place in opposition to by 16.49%, pushing its weekly efficiency to a formidable +25%.

Because of these developments, the market capitalization of AAVE crossed the $1.5 billion mark, highlighting the numerous impression such large-scale transactions can have on the worth and standing of a digital asset.

In the meantime, amidst these developments, buying and selling for AAVE was quickly suspended on Polygon, Arbitrum, and Optimism on account of points with the Aave Protocol. The suspension underscores the inherent dangers and volatility related to digital asset buying and selling and blockchain-based platforms.

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