A total of four whale wallets were seen withdrawing their AAVE holdings. These wallets are 0x7634, 0x790c, 0xad6e, and 0x3356. They withdrew AAVE tokens from the network and deposited them on different platforms like MEXC, Binance, and OKX.
The withdrawal indicates the potential selling pressure that could come eventually, or probably after the US Presidential elections have concluded. A transfer to exchange platforms is often a sign that holdings will be shed in the market for others to grab at the prevailing price.
Aave Whales in Action
0x7634 withdrew tokens worth approximately $3.39 million and deposited them to MEXC. These roughly translate to 25,790 tokens at the time when the withdrawal was done. Cumberland deposited comparatively fewer tokens worth almost $1.29 million which comes to 10,000 tokens. They were deposited to OKX.
0x790c and Galaxy Digital withdrew tokens worth $1.04 million and $1.02 million, respectively. Both of them transferred their tokens to Binance at the total number of 7,822 and 7,897, applicable in the same order.
Whales are dumping $AAVE!
0x7634 withdrew 25,790 $AAVE($3.39M) from #Aave and deposited it to #MEXC 50 minutes ago.
0x790c withdrew 7,822 $AAVE($1.04M) from #Aave and deposited it to #Binance 3 hours ago.#Cumberland deposited 10,000 $AAVE($1.29M) to #OKX 6 hours ago.… pic.twitter.com/HzpwMPtz37
— Lookonchain (@lookonchain) November 5, 2024
For reference, AAVE is listed at $130.75, up by 0.38% in the last 24 hours at the time of writing this article. A slight increase in the selling pressure could hurt the token as the price would plunge drastically.
Advertisement
A lot will rely on its capability to absorb the blow which could also help to sustain the current gains. Short-term predictions are bullish under the assumption that the community will hold strong amid the volatility of 4.89%, which is lower and acceptable.
The next 30 days could see the token listed at $149.84. That would be a jump of 13.62% from the current value. A rebound is on the horizon because the token is below the 50-day SMA mark, which is $150.34.
The SMA mark signals a downtrend which usually happens ahead of marking upticks in the value. The next 5 days could be crucial for the token as it is poised to rise by 7.02% from its current value. Thereby bringing a token value of $141.13.
Selling any of the mentioned whale wallets would certainly not be the first in recent times. One similar wallet was able to make a profit of $87 million by selling 92k SOL tokens. Their total selling comes to 357,070 SOL tokens since November 01, 2024 – left with 126,548 SOL tokens which are worth approximately $20.05 million.
Transferring tokens to exchange platforms could also be a hint at the capability that they hold over ongoing dynamics in the crypto market. They can still reverse the transactions and get their tokens back or wait for the sentiments to make themselves obvious after the US elections before making any move.
Advertisement
No matter the outcome, it is certain that Whale Wallets are looking to make gains if the political situation goes south or is favorable after election day.
Also Read: Hamster Kombat’s 300M Users Down to 41M following Troubled Airdrop
