AAVE, MKR and COMP: What Crypto Whales Bought This Week
Date: 2023-07-10 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
In the first week of July, the market capitalization of cryptocurrencies soared above $1.2 trillion, while the Bitcoin (BTC) dominance index fell to 51.2%.
Several altcoins have become objects of interest of crypto whales this week, including Aave (AAVE), Maker (MKR) and Compound (COMP).
Crypto whales keep Aave (AAVE) afloat
AAVE is the native token of the crypto lending protocol of the same name. The graph below shows that over the past two weeks, addresses with a balance of 1 million to 10 million coins have purchased another 190,000 tokens worth about $14 million.
The large-scale influx of funds in a short period indicates the confidence of whales that the price of AAVE will continue to rise in July.
Major players are interested in Maker (MKR)
Data from the analytical platform Santiment shows that whales have been actively buying up MKR this week. As you can see in the chart below, from June 21 to July 5, investors holding between 10,000 and 100,000 coins replenished their holdings with 23,000 tokens worth about $23 million.
Thanks to the hype among large holders, the price of Maker has increased by 50%, reaching a new 2023 peak of $1,000.
Compound Finance (COMP) shows double-digit growth
Compound Finance continues its impressive rally. On-chain data shows that crypto whales played a crucial role in the fact that the token shows double-digit growth for the second week in a row: between June 30 and July 5, addresses with a balance of 100,000 to 1 million coins purchased another 1.08 million COMP.
The actions of large investors can inspire other market participants to buy. In this case, the uptrend of Compound can drag on for a long time.
