AAVE Price Surges as Whales Buy In, TON Faces Potential Crash

• If TON fails to reclaim the $4.7 support level, a 45% crash can be witnessed.
• TON was replaced by Cardano (ADA) as the 10th largest cryptocurrency.
• Two wallets, possibly related, bought a massive $2.2 million worth of AAVE.

Read also: Telegram’s Troubles Weigh on Toncoin and the TON Blockchain

Toncoin (TON), the native token of The Open Network, has slipped from its 10th position in the crypto market, overtaken by Cardano (ADA). Meanwhile, whales have been accumulating Aave (AAVE), driving the altcoin’s price higher.

According to the data from CoinMarketCap, Toncoin was the worst performer in the top 15 digital assets, down 3% in the past 24 hours. The altcoin is trading at $4.60 and its market cap currently stands at $11.65 billion. It has also declined nearly 18% over the past week.

Crypto analyst Ali Martinez warned on X (formerly Twitter) that if TON doesn’t reclaim the $4.70 level as support soon, a significant crash of up to 45% is possible.

Meanwhile, Aave (AAVE) has caught the eye of investors, with whales accumulating the token and driving its popularity. 

Read also: Why a Memecoin Nearly Broke the Toncoin Blockchain: The Story of CHIC and $DOGS

As per CoinMarketCap data, AAVE is the 35th-largest digital asset by market capitalization and has a market cap of $1.99 billion. The native token of Aave, a decentralized finance (DeFi) protocol, has surged almost 3% in the past 24 hours and is trading at $133.66. 

In an X post, “The Data Nerd” pointed out that the accumulation of AAVE by whales is on the rise with two wallets, possibly related, depositing 917 ETH ( worth $2.21 million) to Binance to accumulate 16,592 AAVE tokens. 

In the past seven days, AAVE rose 7.75% while in the past 30 days, it has seen a monumental jump of 58.46%. Since September 2023, the altcoin has experienced a surge of 143.63%.