As the crypto market goes wild over the Terra [LUNA] and TerraUSD [UST] shenanigans, it’s easy to lose track of what’s going on elsewhere. However, investors cannot afford to be so careless and should also keep a close eye on what is happening in the DeFi scene.

That’s why it’s time to wave to AAVE [AAVE]†

AAVE are you okay?

At the time of writing, AAVE was the #50 largest cryptocurrency by market capitalization, with a price of $75.59. This was after losing 15.28% of its value in the past day and down about 52.87% in the past week. To get a better sense of how deep this loss is, it’s helpful to remember that a year ago — on May 18, 2021 to be exact — AAVE cost $632.27.

So, how are investors coping with the latest blow? Data from Glassnode suggested that large amounts of AAVE were transferred as prices fell. Data showed that total transfer volumes peaked as AAVE fell below the psychological price of $100, and volumes surged to reach the level it last crossed in early April.

Source: Glassnode

On top of that, speed was also a telling measure. At the time of writing, AAVE speed was increasing and approaching the peaks recorded in early April. Historically, we can see that AAVE speed and price trajectories have largely coexisted. In this case, however, they went sharply in different directions.

Source: Glassnode

Judging by the heightened activity levels, it appears investors are either buying the dip or selling panic. So which one is it? Glassnode data revealed that it could most likely be the former as the AAVE balance in the exchange has generally gone down. This suggests that investors are interested in buying AAVE cheaply, but not in a frenzy.

Source: Glassnode

Someone, please S-AAVE me!

At the time of going to press, AAVE was locked in third place in terms of total value [TVL]† This is a valued position to assume, especially now that the market is in its current state.

Source: DeFi Llama

But while AAVE’s TVL was about $8.3 billion at press time, that number was closer to $12 billion as of May 5. The loss is indeed undeniable.

This post s-AAVE your portfolio as the DeFi scene for token holders looks like…

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