According to the cryptocurrency analysis firm LookOnChain, an Aave (AAVE) whale has purchased 16,818 coins worth around $2.59 million. The whale previously purchased 31,173 coins, worth about $4.8 million, on Sunday, Oct. 13, 2024. The wallet has purchased $7.45 million worth of the coin in just two days.
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Impact Of Whale Purchases On Aave’s Price And Future Predictions
The whale’s buying spree seems to have positively impacted the asset’s price. The cryptocurrency is up by 2.7% in the daily charts, 5.2% in the weekly charts, 12.3% over the previous month, and 146.6% since October 2023. Despite the rally, the asset’s price is down by 0.4% in the 14-day chart.
Why Did The Whale Buy $7.45 Million Worth Of AAVE?
The whale may be anticipating a bullish run for the cryptocurrency. The 44th largest crypto by market cap has displayed quite a robust performance this year.
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The AAVE whale may anticipate a Donald Trump victory in the upcoming US Presidential elections. Many expect a crypto market rally if Trump returns to the White House. Trump has vocally supported the crypto industry, and experts predict lenient regulations if he returns to office.
Will The Asset Hit $170 Next?
According to the analysts at CoinCodex, AAVE will rise to $167.79 on Oct. 20, 2024. Hitting $167.79 from current price levels will translate to a rally of about 5.91%. The platform does not anticipate the asset’s price to hold, predicting a correction to $145.70 on Oct. 26, 2024. CoinCodex predicts the asset will breach the $170 on Nov. 1, 2024, hitting $171.51.
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Changelly also does not expect AAVE to breach the $170 mark this month. The platform predicts the asset will trade at a maximum price of $161.73 in October. Changelly anticipates AAVE breaching the $170 mark in January 2025.
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