DeFi Token AAVE Shoots Over 30% to $400 With Surge In Whale Addresses, TVL Hits $5.0 Billion

Bhushan Akolkar
February 4, 2021 Updated July 1, 2022
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AAVE Price Likely to Crash as Whales Dump $5M - Source

Cryptocurrency DeFi token Aave (AAVE) has surged a massive 30% today moving past $400 levels today and taking its market cap closer to $5.0 billion. The recent surge in AAVE price comes as the decentralized finance (DeFi) continues to rally further.

The recent surge in AAVE token comes with higher whale accumulation over the last month. On-chain data provider Santiment notes:

#DeFi is alive and well in #crypto, as $AAVE has skyrocketed to a +33% gain in the past day. #Aave whales, which we deem addresses holding 1,000 tokens or more (~$397k+ USD), have ballooned from 266 to 327 addresses this past month, fueling this rally”.

Courtesy: Santiment

With the recent AAVE price rally, the total value locked in the Aave platform has also surged 24% in a single day. As per data on DeFi Pulse, the total value locked in Aave has hit $5 billion as of writing this story. At the same time, the TVL of the entire DeFi market has surged to a new all-time high of $32.76 billion. Maker is the top contributor dominating 18% in DeFi TVL, followed by AAVE.

DeFi Market Registers Solid Rally

With Ethereum (ETH) price surging more than 100% so far in 2021, the DeFi market has also registered phenomenal growth. As per data, the combined market of top 95 DeFi assets has surged more than 279% year-to-date surpassing $30 billion. The weekly gains of the overall DeFi market currently stand at over 50%.

  • Decentralized Exchange UniSwap has registered strong user growth with UNI price surging to new all-time highs above $21. Just like AAVE, the number of whale addresses for UNI has also surged significantly in recent times. The UNI weekly gains stand at 50% while year-to-date gains stand at nearly 350%.
  • Compound (COMP) is another DeFi token that has participated in the recent market rally. COMP price has surged more than 50% this week after strong whale purchases. COMP is the third-largest token in terms of total value locked at $3.91 billion.
  • In the last 24-hours, DeFi token UMA has surged a massive 100% with its price hitting $30 at press time. UMA’s year-to-date gains currently stand at 300%.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.