The price of AAVE, a decentralized lending platform altcoin33, has risen nearly 27% to $73 over the past five hours.
The rally was triggered by cryptocurrency whales who bought large amounts of AAVE from exchanges.
According to the data, a whale pulled 2,096 ETH ($4 million) from Binance, the largest cryptocurrency exchange by volume, about two hours ago. The whale then spent 500 ETH ($960,000) to purchase 184,664 at $5.2 per token from UNI, the management token of decentralized exchange Uniswap.
Whale also spent 862 ETH ($1.65 million) to purchase 24,252 AAVEs at $68.25 per token.
Another whale, identified by the address 0x5a80, has been accumulating AAVE from various exchanges in the past five hours. Whale has purchased a total of 182,152 AAVEs ($13.2 million) and currently holds 399,585 AAVEs ($29 million), making it one of the largest holders of the token. The whale in question is still continuing to purchase AAVE altcoins.
*Not investment advice.