According to Blockbeats, on December 22, AAVE experienced a sharp 12% drop in the early morning, driven by a major whale selling 230,000 AAVE tokens (worth ~$38 million) and converting them into WBTC and stETH. The sell-off occurred ahead of Aave's upcoming proposal to transfer brand asset control to token holders, which is set to vote on Snapshot starting at 10:40 AM the next day. The whale, who had bought the AAVE at an average cost of $223.4, sold at around $165, incurring an estimated $13.45 million loss. The move has triggered short-term market repricing.
AAVE Plummets 12% Amid Whale Sell-Off Before Aave's Decentralization Proposal
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Summary
Whale movement triggered a 12% drop in AAVE on December 22 as a major seller offloaded 230,000 tokens (~$38 million) into WBTC and stETH. The sale came before Aave’s decentralization proposal vote on Snapshot. The whale bought at $223.4 and sold near $165, losing ~$13.45 million. Altcoins to watch may include AAVE as the market reprices ahead of the governance shift.
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