Crypto Whales Bag $20M In AAVE & UNI, Are DeFi Tokens Eyeing Price Rally?
Highlights
- Crypto whales stack up tens of millions in AAVE and UNI tokens.
- The massive accumulations despite the broader market uncertainty signals price gains for the DeFi tokens ahead.
- AAVE and UNI prices were up considerably intraday, leveraging the significant buying.
Recent crypto whale metrics surrounding DeFi tokens have garnered immense investor optimism, suggesting that price gains for some coins are imminent despite the ongoing market uncertainty. Whale data on Thursday, April 17, indicated that large-scale investors stacked over $20 million in AAVE and UNI. These accumulations have ignited a bullish market torrent, underscoring buying pressure on the assets despite the broader market slump.
Crypto Whales Stack $20M In DeFi Coins Igniting Optimism
According to the data from Spot On Chain, crypto whales are quietly accumulating DeFi tokens via OTC. As per the data, two fresh wallets recently scooped up a total of $20.11 million worth of the abovementioned tokens.
The wallet address “0x3bb..” bought $4.28 million worth of UNI from Cumberland. Further, the same wallet and the address “0x4f7..” collectively bagged $15.83 million worth of AAVE from the same OTC exchange. These massive accumulations have suggested that price gains lie ahead for the DeFi cryptos.
For context, usual market sentiments remain highly bullish in the wake of such whale accumulations, signaling market confidence and buying pressure on an asset. So, traders and investors anticipate price gains in these DeFi tokens shortly.
How Are The Coins Performing Today?
AAVE price was up by roughly 3.5% at the time of reporting, exchanging hands at $138.81. The DeFi token gained after hitting a bottom of $130.43 over the past day. Notably, this rising action potentially aligns with broader trends and the crypto whales’ significant buying.
Also, Coingape has reported that the token’s community proposed a major AAVE buyback plan and liquidity upgrade the previous month. This upgrade aims to uplift the coin’s market and price dynamics. The whale accumulation, in turn, falls in line with this development.
On the other hand, UNI price was up by roughly 2.5% over the past day and traded at $5.27. The DeFi crypto hit a low of $5.05 intraday. As mentioned above, crypto enthusiasts continue to monitor the tokens amid rising whale activity, expecting price gains shortly ahead.
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