Whales are making big moves in the world of decentralized finance (DeFi) by gobbling up Ethereum (ETH) and other DeFi tokens such as Uniswap (UNI), Aave (AAVE), and Maker (MKR). According to the crypto tracker Lookonchain, one unknown whale wallet withdrew a significant amount of UNI from Gate.io, totaling 299,133 UNI worth $2.39 million over the weekend. This same whale has also been accumulating AAVE and MKR, withdrawing 19,373 AAVE worth $2.95 million and 596 MKR worth $805,000 from Binance between August 13th and September 12th.
In another notable move, a whale wallet related to the investment firm Longling Capital purchased 5,000 ETH worth $12.34 million over the weekend. This wallet now holds a total of 68,064 ETH worth more than $168 million. Additionally, another whale bought 31,173 AAVE worth $4.8 million on Sunday and deposited it into Aave to borrow funds and accumulate more tokens. The whale then borrowed 2.7 million GHO from Aave, swapped it to USDC, and deposited the USDC into Coinbase to buy more AAVE.
At the time of writing, Ethereum is trading at $2,634, up nearly 7% in the past 24 hours. UNI is trading at $8.12, up nearly 6% in the past day, and AAVE is trading at $162.43, also up nearly 6% in the past 24 hours.
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Image Source: Midjourney