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%.