Aave founder has sold 55K AAVE since February and led the latest round of profit-taking. Should you follow suit?
The altcoin still enjoyed massive social interest and could present more buying opportunities.has been one of the top-performing altcoins. However, the price hike has attracted profit-taking, with Aave’s founder and CEO, Stani Kulechov, leading the line of sellers., Kulechov has sold 55,596 AAVE, worth $6.67 million since February. The founder’s AAVE balance is now 243.9K coins, worth over $32 million.
After the strong rebound, investor cohorts that held AAVE for the past three and six months had unrealized profits of 27% and 26%, respectively. This was based on the 90-day and 180-day MVRV .The metric also tracks whether a coin is overvalued. Short—and medium-term holders with high unrealized profits could be tempted to take small profits.
The supply zone further confirmed the recent profit-taking from medium-term holders, including Kulechov’s sell-off.
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