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Whale Returns to Old Habits: Spends $14 Million in Half a Month to Buy the Dip on AAVE—Do You Still Remember the Last Time They Got Liquidated at $101?
A big whale is back again. Remember the crash on October 11? A giant whale who played the looping loan game got liquidated, with 32,000 AAVE forcibly sold at $101.
But on November 24, this guy came back strong, continuing his old business—looping loans to stack AAVE. In less than half a month, he threw in $14 million USDC and swept up 80,900 AAVE at an average cost of $173 each.
Looking at his wallet now, through looping loans he’s accumulated a total of 333,000 AAVE, worth $62.59 million. His average cost is at $167, with a liquidation price set at $117.7.
This is a bold move with decent cost control. But with looping loans, leverage multiplies returns, yet if he can’t withstand a dip, he’ll have to start over. The lesson from the $101 liquidation is still right there.