Aave Whales Withdraw $6.74M Worth of AAVE Tokens From the Network

A total of four whale wallets were seen withdrawing their AAVE holdings. These wallets are 0x7634, 0x790c, 0xad6e, and 0x3356.

Four whale wallets withdrew their AAVE holdings from the network and deposited them on different platforms. These wallets are 0x7634, 0x790c, 0x790c, 0xad6e, and 0x3356. The tokens were moved to MEXC, Binance, and OKX.

The withdrawal indicates the potential selling pressure that could come eventually, or probably after the US Presidential elections have concluded. A transfer to exchange platforms is often a sign that holdings will be shed in the market for others to grab at the prevailing price.

Aave Whales in Action

0x7634 withdrew tokens worth approximately $3.39 million and deposited them to MEXC. These roughly translate to 25,790 tokens at the time when the withdrawal was done. Cumberland deposited comparatively fewer tokens worth almost $1.29 million which comes to 10,000 tokens. They were deposited to OKX.

0x790c and Galaxy Digital withdrew tokens worth $1.04 million and $1.02 million, respectively. Both of them transferred their tokens to Binance at the total number of 7,822 and 7,897, applicable in the same order.

Whales are dumping $AAVE!

0x7634 withdrew 25,790 $AAVE($3.39M) from #Aave and deposited it to #MEXC 50 minutes ago.

0x790c withdrew 7,822 $AAVE($1.04M) from #Aave and deposited it to #Binance 3 hours ago.#Cumberland deposited 10,000 $AAVE($1.29M) to #OKX 6 hours ago.… pic.twitter.com/HzpwMPtz37

— Lookonchain (@lookonchain) November 5, 2024

For reference, AAVE is listed at $130.75, up by 0.38% in the last 24 hours at the time of writing this article. A slight increase in the selling pressure could hurt the token as the price would plunge drastically.

A lot will rely on its capability to absorb the blow which could also help to sustain the current gains. Short-term predictions are bullish under the assumption that the community will hold strong amid the volatility of 4.89%, which is lower and acceptable.