Whale Transfers 25,790 AAVE to Exchange After 1.5-Year Hold

• Dormant whale moved 25,790 AAVE to MEXC after holding for 1.5 years, aiming for potential gains.
• Aave Labs partners with Chainlink, boosting GHO stablecoin cross-chain capabilities.

A dormant whale has awakened and is depositing 25,790 AAVE, worth about $3.38 million, to the MEXC exchange, possibly to capitalise on the recent increase in the token price.

Dormant Whale Holds AAVE for 1.5 Years Before Major Move 

SpotOnChain data revealed that before this significant action, this whale had held its tokens for more than 1.5 years. Between April and June 2023, the whale originally bought 27,263 AAVE tokens at an average price of $77.75 per token, therefore investing $2.12 million.

Should the tokens be sold, today’s transaction—25,790 AAVE offloaded for $131.16 each—could result in a notable profit margin of almost $1.38 million—a 68.7% rise.

A dormant whale just deposited all 25,790 $AAVE ($3.38M) to #MEXC for profit after 1.5 years of holding.

The whale originally bought 27,263 $AAVE for $2.12M (avg buy price: $77.75) from April to June 2023. An hour ago, the whale unloaded 25,790 $AAVE ($3.38M) at $131.16,… pic.twitter.com/3RrJqdiRTI

— Spot On Chain (@spotonchain) November 5, 2024

Meanwhile, AAVE is swapped hands at about $156.57 at the time of writing, a clear 19.89% increase over the last 24 hours. Rising interest in the asset, particularly in light of strategic initiatives from Aave Labs, trading volume has also experienced a significant surge—146% to $399.16 million.

On the other hand, as we previously noted, Aave Labs announced a collaboration with Chainlink, a well-known Oracle network known for helping decentralized finance (DeFi) apps run.

This partnership seeks to improve cross-chain transfers of Aave’s algorithmic asset linked to the US dollar, a GHO stablecoin. The infrastructure of Chainlink will allow smooth cross-chain interactions for GHO, hence extending Aave’s influence in the DeFi system.

Beside that, according to CNF, the Aave community has in the meantime been engaged in discussions about wrapped Bitcoin (WBTC) on its site. The community recently spoke about a suggestion to zero the loan-to-value (LTV) ratio for BitGo’s wrapped Bitcoin from LlamaRisk, Aave’s risk management tool.

LlamaRisk expressed worries about the change of WBTC control as BitGo intends to assign custodial duties to a joint venture called BIT Global.