DeFi token Aave (AAVE) currently ranks 54th in the ranking of largest digital currencies by market cap. Over the past seven days, its capitalization has grown by almost 30% to $2.035 billion and now Aave has started the new week at just over $150.
Compared to other decentralized finance (DeFi) projects, Aave is in fifth place, with $12.76 billion worth of total value locked (TVL).
In October 2021, the project accumulated almost $20 billion in assets, but then Aave faced an outflow of funds.
However, the attractiveness of the project’s underlying asset, the AAVE token, has increased sharply since the beginning of the year. Since January, whales, which control between 100 and 10,000 coins in their addresses, have invested $10.7 million in this digital asset, according to date from Santiment.
During this time, the largest wallets have acquired more than 70,000 AAVE. Whales have been increasing their investment in the underlying asset of the DeFi protocol ahead of the massive V3 update, which took place on March 16.