Whales are starting to accumulate various tokens across the crypto sector in an attempt to diversify their portfolio. NFT, Lending and Liquid Staking tokens have become key areas of focus.
The volume of trades for BAYC fell by 28.91%, whereas for MAYC, there was a 40.28% decline observed. CryptoPunks was affected the most and observed a decline in volume of 45.46% in the last 30 days.Only time will tell whether the whales’ bets in the NFT sector and APE will pay off. At press time APE was trading at $1.801. Despite the decline in APE’s price, the number of APE token holders grew over the last month.
The FUD was due to Curve founder Michael Egorov’s holdings. During the event of the exploit, Michael held a $70 million USDT loan using CRV as Aave v2 collateral. In the event of CRV dropping below 65% of its value, it will be at risk of liquidation. Due to these factors, the price of AAVE fell massively. However, whale behavior indicates that many investors are hopeful about AAVE’s future.
At press time, AAVE was trading at $63.55. The velocity with which the token was being traded had spiked over the last few days, despite the declining price. The growing velocity indicated that the frequency with which AAVE was being traded had surged.In contrast to its price action, the Aave protocol’s performance was relatively positive. According to Token Terminal’s data, the daily active users on the protocol grew by 48.2% over the last week.
A contributing factor for the whales’ decision making would be the recent performance of the Lido protocol.
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