AAVE's Crazy 50% Weekly Increase Gets Back on ETH Whales' Track

The token of one of the largest crypto lending platforms and arguably one of the largest Ethereum-based projects, AAVE, has become one of the most traded tokens among the top 100 largest ETH whales in the past 24 hours.  Among other things, the use of AAVE tokens increased by 25%, which also placed it among the most used smart contracts by whales, according to WhaleStats.

Analyzing the data portal, it can be seen that the average purchase size by whales was 144 AAVE, or $14.247, and the average selling was half as much — 81 AAVE, or 7.970 dollars. The total share of AAVE in the portfolios of large holders of ETH is 0.45%, or $19.47 million.

AAVE price action

AAVE has continued its steady growth for almost a month. Having experienced a serious 60% drawdown since the end of May, the token stopped its fall around the 20s of June and began to gain price momentum again. At the moment, the AAVE upside is 120% from the June low of $45. At the same time, the chart clearly shows that the token has managed to consolidate around the mark of $88 and stays around the fairly strong resistance level of $113.5.

Among the important news in the AAVE ecosystem is the team's ongoing development of its own decentralized GHO stablecoin. GHO is expected to be similar to DAI in concept, and it will also be excessively backed by a diversified set of assets, mainly based on Ethereum.

The AAVE token itself, as a result of the introduction of GHO, will strengthen its utility as a governance token of AAVE DAO, whose participants, in addition to voting power, will be entitled to revenue from the stablecoin turnover.