Ethereum (ETH) Co-Founder Vitalik Buterin Triggers AAVE Token (AAVE) Price Rally

A liquidity movement by Ethereum (ETH) co-founder Vitalik Buterin triggered a price rally of AAVE, the native token of the DeFi he used to wrap his Ethers.

Ethereum (ETH) co-founder Vitalik Buterin's latest liquidity movement triggered a price rally of AAVE, the native token of the decentralized finance (DeFi) protocol he used to wrap his Ethers.

According to data from cryptocurrency tracking service Material Indicators, Buterin moved 1,900 ETH, currently worth over $240,000, to Aave v3. Less than 20 hours after the transaction, AAVE surged by 13.3%.

At the time of writing, AAVE trades at $133.13. It reached a weekly high of $133.4 before consolidating. Among the top 100 cryptocurrencies by market capitalization, AAVE is the best performer in terms of 24-hour dynamics. Only challenged by the artificial intelligence (AI)-centric token FET, AAVE managed to return to the ranking of the 50 largest cryptocurrencies.

Last week, Buterin hailed Aave Finance (AAVE) for its role in the global DeFi ecosystem, admitting that it might not be suitable for "normies" seeking loans.

“Aave is great for advanced users who want to leverage their crypto and get loans at a lower rate than CeFi. It's not really designed for normies who want to take out a loan to buy a car or something, but for advanced users, it's the best out there,” he said.

The AAVE price found an equilibrium at $130 by press time; the market capitalization of the token is sitting at $1.95 billion in equivalent.

Aave can be useful for Ethereum Foundation, founder Kulechov says

Commenting on Buterin's latest liquidity movement, Ethereum Foundation founder Vlad Kulechov shared his thoughts on the matter. According to Kulechov, Aave v3 can be useful for the Ethereum Foundation.

“This is not the first time that the Ethereum creator uses Aave Finance (AAVE) for operations with liquidity. As covered by U.Today previously, Vitalik Buterin is one of the largest ETH holders with over $600 million stored in Ether via publicly disclosed wallets,” the report concludes.

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