Aave drops 6% as whale sells 184,203 tokens – Who absorbs the supply?

On the 2nd of November, Aave [AAVE] launched USDC Incentives on its v4 platform on Base. The incentives are targeted at both existing users and potential newcomers. The rewards significantly reduce the cost of borrowing USDC against tokenized stocks, the announcement read. Lowered cost of capital will lead to greater participation and adoption, which can enhance Aave's competitive position in the DeFi space. Selling pressure on AAVE is yet to let up In other news, the Mercado Bitcoin security incident saw $40 million drained. The hacker still owns 12.82k AAVE, worth $1.61 million, according to LookonChain's X update. This could increase the selling pressure on the altcoin, which has already faced a 6.16% price decline in the past 24 hours.

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