Aave Founder Continues to Sell AAVE, Offsets $4.51M Since May
CryptoNewsTerminal Staff05 Sep, 2024
Aave Founder Continues to Sell AAVE, Offsets $4.51M Since May
Aave founder Stani Kulechov appears to be continuously selling AAVE via crypto trading firm Cumberland, on-chain analyst EmberCN revealed. An address linked to Kulechov has moved a total of 37,907 AAVE ($4.51 million) to Cumberland since May 24th in exchange for ETH and USDC. The average selling price was around $119. The address still holds 242,429 AAVE ($32.4 million). Kulechov's continuous selling of AAVE has raised concerns among some in the crypto community, who are speculating that he may be cashing out or reducing his exposure to the token. However, it is important to note that Kulechov has not publicly stated why he is selling AAVE. It is also worth noting that Kulechov is not the only Aave founder to sell AAVE. In June, Aave co-founder, CTO, and COO Jordan Lazaro Gustave sold 20,000 AAVE for roughly $2.4 million.
