AAVE whales have maintained the momentum of collecting the token since the start of the new year.
The token may no longer be undervalued as the third version of the protocol could be launched this week.

Over the past few days, the crypto market has slowed its amazing two-week performance into 2023, but protocols like Aaf [AAVE] have constantly enjoyed the interest of whales. According to Santiment, the non-custodial liquidity protocol token has had a series of transactions worth $100,000 since its arrival in 2023. Litecoin [LTC] and Decentralized [MANA] joined the fray, AAVE came out on top with a 1,100% increase.

Read Aaves [AAVE] Price prediction for 2023-2024

Thanks to these whales, AAVE is…

The data from the on-chain analytics platform showed that transactions within the aforementioned region were at their highest on November 17, 2022. On this day alone, whales have traded AAVE 12 times. However, information at the time of writing showed that momentum had waned as only nine trades had been recorded at 7:07 UTC.

Still, it may be too early to assume that these deep pockets would not repeat their activities. Nevertheless, AAVE helped itself to a 36.75% increase in the past seven days. But the rebound in the past 24 hours was a slight 2.81% rebound while trading at $84.31. But overall, it outperformed 80% of the top 10 cryptocurrencies within the period.

Source: Sentiment

In addition, the whale effect had spread to the volume of the token. At the time of writing, Aave’s on-chain volume was 250.01 million. A review the data showed that the volume was the highest since November 8, 2022.

So this implied that a huge number of transactions had passed through the network. But since AAVE had recorded consistent gains over the past 30 days, most of the token moves would have ended in profits. On the side of its Market Value to Realized Value (MVRV) z-score, Santiment revealed that AAVE had risen to -0.984.

How many Worth 1,10,100 AAVEs today?

The z-score measures whether or not an asset has fair value. Although the MVRV z-score was negative, it cannot be said that AAVE is undervalued given the state of the crypto market.

Source: Sentiment

V3 is on its way

Meanwhile, the Product Lead at Aave Protocol, Graham Nelson, tweeted that they might launch the third version (V3) “this week”. This was next to the expected Q1 launch of the GHO stablecoin.

If launched, it would mean AAVE users have access to cross-chain asset features. In addition, the V3 would help reduce gas costs by 20% to 25%.

This post AAVE whales or V3 launch: what will be the token’s masterstroke in 2023?

was published first on https://ambcrypto.com/aave-whales-or-v3-launch-what-will-be-the-tokens-masterstroke-in-2023/


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