Top Crypto Project Founder Sells His Tokens Amid Market Downturn

Despite the recent market downturn, Aave (AAVE) has become one of the best performing altcoins.

The price spike, however, has caused some investors to take profits, with Aave’s founder and CEO, Stan Kulechov, among the sellers.

According to blockchain analytics company LookOnChain, since February, Kulechev has sold 55,596 AAVE tokens worth $6.67 million, leaving with 243,900 coins worth over $32 million.

Investors holding AAVE over the past three to six months have recorded unrealized gains of 27% and 26%, respectively, according to market-to-value ratio (MVRV) data, suggesting the token may be overvalued. This has increased the potential for greater profit-taking.

On the charts, AAVE has encountered resistance near $140, where intermediate-term holders, including Kulechev, have likely taken profits. The $118 level has acted as key support since late August, with potential buying opportunities around $118 and $109 if selling pressure continues at $140.

However, AAVE is considered a promising investment, backed by growing interest in DeFi and support from major crypto venture capitalists.