Aave Defies Market Downturn as Whale Activity Boosts Price

The cryptocurrency market has been struggling under heavy selling pressure, but one DeFi token, AAVE, is bucking this trend.

According to Santiment Intelligence, Aave recorded an increase of 20% in its price from around $72 to $86 during June 24-26, while the price of Bitcoin continued to fall towards $58,000.

The increase in buying activity for AAVE is attributed to research coverage by Standard Chartered and reports about Kraken's interest in AAVE, despite disagreement expressed by Aave founder, Stani Kulechov.

Aave's network activity has also seen an uptick, with the number of active addresses increasing to 2,804 on June 25, exceeding the average range of 800-1,600 addresses.