Aave is trading below the $100 mark, with a move from the intraday highs coming as investment firm Multicoin Capital looks to reduce its exposure. Could the company’s move after steeper-than-expected losses add near-term selling pressure to the token? The decentralized finance giant’s native token recently fell below $90 amid security and liquidity concerns. Is Multicoin dumping 150,000 AAVE? On-chain analytics indicate that Multicoin transferred 150,000 AAVE, valued at approximately $14.92 million at current prices, to the Galaxy Digital OTC wallet and BitGo early on Friday. The transactions are likely selling moves. Lookonchain flagged the movements, with this coming as the Aave price tested the $100 mark. Notably, Multicoin had accumulated 338,005 AAVE for $73.
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