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

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”.

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%.