Crypto News

Whale Sell-Offs Indicate Significant Downturn For $LDO And $AAVE

Over the past 24 hours, both $LDO and $AAVE have experienced notable declines in their respective values, shedding 15% and 3%.

The primary catalyst for these downturns appears to be substantial token sales by prominent holders, commonly known as whales.

Insights from on-chain analytics platform Spotonchain unveiled a recent sizable sale by Stani Kulechov, the founder of Aave. Kulechov offloaded 5.5K $AAVE for 564K $USDC at an average price of $102.54. 

Notably, this transaction aligns with a broader pattern, as over the past month, Kulechov has sold 19,000 $AAVE (equivalent to $2.06 million) for 619 $ETH and 564K $USDC at an average rate of $108.57. The consistent selling activity by the Aave founder appears to have preceded the recent 3% decline in the token’s value.

$LDO Massive Sell-off To Monitor

Additionally, Lookonchain data has reported a significant sell-off by Defiance Capital, involving 710,000 $LDO. The tokens were sold for 927 $ETH, amounting to $2.37 million, at an average price of $3.34.

This substantial sale contributed to a notable 15% decrease in the price of $LDO. As of now, Defiance Capital still holds 6.39 million $LDO, valued at $21 million, distributed across two wallets.

These whale-driven sell-offs underscore the influence large token holders have on the market. Traders and investors closely monitor such activities as they can serve as indicators of potential market shifts and influence short-term price movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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