Aave is among top DeFi tokens to see massive price gains as Bitcoin finds resistance at $38,000
DeFi tokens are rallying as investors increase the amount of money locked in the sector for short term gains.
Maker (MKR) is up 34% to trade around $2,258 and could rally higher if the upside momentum seen across the sector continues over the weekend.
Compound (COMP) is another token seeing massive price gains on the day. The COMP/USD pair has surged 24% in the past 24 hours to touch intraday highs of $484, with weekly gains now at 96%. Elsewhere, Synthetix (SNX) has spiked over 15% to trade above $21.00.
AAVE/USD rallies on increased accumulation
Aave (AAVE) is one of the biggest gainers in the market today, with the AAVE/USD pair up 22% to see bulls target strengthening near $500. This comes after bulls rallied to an intraday high of $547 on Binance.
As AAVE price skyrocketed to test a new high, analysts at on-chain analytics firm Santiment noted that whale accumulation has significantly increased. Per the platform, accumulation by high-net-worth investors could be driving AAVE/USD as the overall DeFi sector booms.
“DeFi is alive and well in crypto, as AAVE has skyrocketed to a +33% gain in the past day. Aave whales, which we deem addresses holding 1,000 tokens or more (~$397k+ USD), have ballooned from 266 to 327 addresses this past month, fueling this rally.”
AAVE/USD daily chart. Source: TradingView
Over $34 billion locked in DeFi
According to the data provider DeFi Pulse, investors have locked a record $34.1 billion in decentralised finance projects. The total value locked (TVL) in liquidity pools has increased from $29.58 billion on 04 February, nearly $5 billion
