Aave [AAVE] Whales Accumulation Could Support Token Recovery

Aave [AAVE] had an exciting week with a bullish demand resurgence. But even more interesting is that whales have been showing interest in AAVE, which could boost its potential recovery.

According to historical concentration data, whales have been accumulating the coin since the start of January.

Whales held 8.92 million AAVE tokens on the 1st of January, which was equivalent to 55.75% of the total supply. That figure has since grown to 9.07 million tokens or 56.69% of the total supply.

Whales currently constitute the highest cohort of AAVE holders, thus having the biggest impact on price. This investor class has trimmed their balances from 4.05 million tokens to 3.88 million tokens during the same period.

Meanwhile, retail holders have also been buying the dip, increasing their balances from 3.03 million to 3.05 million AAVE.

Whales are the largest AAVE holders, followed by retail. Both cohorts have been accumulating AAVE since early January, while institutions have been selling.

As a result of the accumulation by whales and retail, the percentage of AAVE held by the top tier of holders has increased from 77.86% to 78.13%. At the same time, the middle tier has seen a slight decrease from 16.06% to 15.88%.

Finally, the bottom tier of AAVE holders has seen a small increase in their holdings, going from 5.66% to 5.73% of the total supply.

These changes in concentration could have a significant impact on AAVE’s price in the coming weeks.