Given the 15% gain over the past 24 hours, it might seem like DeFi-focused altcoin AAVE is in a stronger position right now. On the other hand, looking at the big picture, the more interesting statistics on whale wallets should not be overlooked, according to analyst Aaryamann Shrivastava. We provide details…
Altcoin whales prefer to wait on AAVE
When a token or cryptocurrency is widely linked to whales, it is often seen as a dangerous investment due to the unprecedented threat of dumping . Some tokens, such as Polygon (MATIC), Chainlink (LINK), and in this case AAVE, have notable fixed whales. This is why these cryptos have become one of the most popular cryptocurrencies in the world. For example, AAVE is run by 13 whales, which accounts for 66% of the current 16 million whales. While they hold most of the supply, most have not sold for a while…
AAVE to see the rise of HODLers (long-term investors) in October, based on addresses and balances separated by length. started. For almost a year, these investors have held their AAVEs. In addition, these HODLers currently account for 32.78% (34.2 thousand) of all addresses.
These 34,200 addresses together contain approximately 3.87 million AAVEs that have been missing from these investors’ wallets for nearly a year. But can this go on forever?
HODL
All along the way 3.87 million AAVEs retained for more than one year, plus 10.94 million AAVEs retained for one month to one year. According to ITB statistics, 82.8% of the total 103k addresses with AAVE are currently inactive. While it may seem like the current market conditions of the crime, this has been a growing crisis rather than occurring overnight.
The profit concentration of investors started to fall from 94% in May 2021 and has not stopped yet. This shows that AAVE investors holding the token for a month or more have reached $629. However, they are now watching the cryptocurrency battle to break the $140 barrier. The main reason most HODL investors are still holding on is because the price drop hasn’t yet ruled out the full escalation in 2021. AAVE is still 66.38% higher than it was in January 2021, and these investors don’t have plans to sell for that long.
As a result, analysts note that a pressure from investors could potentially aid AAVE’s recovery as broader market indicators are showing positive signals.
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