Whales Gobble Up AAVE as Exchange Supply Nosedives—Price Holds Firm

Crypto whales are making waves again—this time with AAVE. While retail traders panic-sell meme coins, the big players are quietly accumulating the DeFi blue-chip.

Exchange reserves tank as smart money moves in

The telltale sign? AAVE's exchange supply just fell off a cliff. When coins disappear from trading platforms, it usually means one thing: hodling season has begun.

Price stability defies market chaos

Despite the crypto market's usual drama, AAVE's valuation isn't budging. Either the token found its true bottom—or the whales are building positions before the next pump. (Spoiler: Wall Street interns will call this 'technical analysis' later.)

DeFi's dark secret? The 'decentralized' part works better than the 'finance' part. At least until the next exploit.

The falling AAVE balances on exchanges is a sign that investors continue moving their tokens to self-custody. It also signals that these investors expect the price to be robust over time.

The main bullish factor for Aave is that it is the biggest player in the decentralized finance industry. DeFi Llama data shows that the total value locked has increased by 7.8% over the last 30 days to exceed $26 billion. 

This growth has made Aave one of the most profitable players in the DeFi space. It has generated cumulative revenues of over $233 million and $3.3 million in the last 24 hours. 

AAVE price technical analysis

The daily timeframe chart shows that the Aave Price bottomed at $114.65 in April and then embarked on a bull run, pushing it to $323 in May. 

AAVE then pulled back to a low of $213 in June and has now bounced back to $273. The coin has remained above the 50-day and 100-day Exponential Moving Averages, a sign that bulls are in control. 

It has also formed an inverse head-and-shoulders pattern, a popular bullish reversal sign. 

Therefore, the token is likely to experience a bullish breakout, with the initial target being $323, the highest level reached in May. A MOVE above that level will signal further gains, potentially reaching the psychological point at $400, the highest level in 2024.

The AAVE coin was created by Stani Kulechov, a Finnish entrepreneur who founded the project originally as ETHLend in 2017. In 2020, ETHLend — a decentralized peer-to-peer lending platform on ethereum — was rebranded as Aave (which means “ghost” in Finnish).

The AAVE token was introduced as part of the protocol’s transition to a more robust decentralized finance (DeFi) platform for borrowing and lending crypto assets.

Kulechov is also recognized for his contributions to decentralized social networks, including Lens Protocol.