Speculation in the AAVE market is mounting as Tron founder Justin Sun and a mysterious whale make waves through strategic accumulation and profit-making. Recent on-chain data has shed light on the activities of two major players in the AAVE ecosystem, Tron founder Justin Sun and an anonymous whale. These people are making strategic moves. It accumulates and sells significant amounts of AAVE tokens, driving speculation and market dynamics. Here are the details…
TRON founder Justin Sun raised $776,000
Justin Sun, the founder of Tron, deposited 111,910 AAVE tokens worth $776,000 on the exchange Huobi, which he recently acquired. Leading surveillance resource Lookonchain drew attention to the movement for the first time in a tweet today. This recent development marks Sun’s continued involvement in the AAVE ecosystem. This isn’t the first time TRON founder Justin Sun has made headlines with his AAVE transactions. In October 2021, with the price of AAVE tokens at $327, Sun deposited 49,000 AAVE tokens worth $16 million on Binance. Not afraid of market opportunities, Sun made another move in January 2022. While the price was $148, he invested 59,500 AAVE altcoins worth $8.8 million on the same exchange.
The price of $AAVE suddenly skyrocketed by ~27% in the past 5 hours, which seems to be related to the whale"0x5a80".
Whale"0x5a80" has accumulated 182,152 $AAVE ($13.2M) from exchanges through multiple addresses in the past 5 hours.
And currently holds 399,585 $AAVE ($29M). pic.twitter.com/vtjDFGlxIM
— Lookonchain (@lookonchain) June 25, 2023
Moreover, an unidentified whale appeared the other day, accumulating 182,152 AAVE tokens worth approximately $13.2 million. Lookonchain highlighted the recent 27 percent increase in AAVE’s price, tying it to a buying spree. This enigmatic whale has increased its assets through a series of transactions at multiple addresses. By the end of his savings spree, his wallet had a total of 399,585 AAVE balances worth $29 million. However, in a swift move that created shock waves in the community, the whale started a series of “exit” transactions, disposing of approximately 38,000 AAVE tokens.
Note that whale"0x5a80" transferred 38,000 $AAVE ($2.46M) out 30 mins ago.
The 38,000 $AAVE is being transferred to exchanges through multiple addresses.https://t.co/5QXEwc7nC6 pic.twitter.com/XKe0B0y0NE
— Lookonchain (@lookonchain) June 26, 2023
Whales collect in the Arbitrum
Two sleeper whales have resurfaced in the cryptocurrency market and made key Arbitrum ARB token purchases, showing their insider knowledge. The targeted token, ARB, experienced a notable increase in both price and trading volume today. It has attracted the attention of experienced investors and observers. As reported by on-chain analytics platform Lookonchain, the first dormant whale identified as “0xb28f” made an impressive move just two hours ago by investing 200 ETH (equivalent to $375,000) to buy 321,934 ARB tokens at a rate of $1.16.
“0xb28f” does not show this courage for the first time. On June 10, they spent 300 ETH (approximately $525,000) to purchase 538,558 ARB tokens at the price of $0.98. The cumulative impact of these significant investments cannot be ignored. The second whale, known as “0x79cc”, exhibited a similar pattern. About ten hours ago, this whale purchased 937,176 ARB tokens for $1.13 using 1,058,665 USDC as the medium of exchange. “0x79cc” demonstrated its strong belief in the future value of ARB with this acquisition.
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