$AAVE Tests Resistance as Aave Proposes Burn Mechanism and Whales Accumulate

Aave's proposed burn mechanism has sparked excitement in the crypto community, and the protocol's native token $AAVE is testing resistance at $165.98.

The burn proposal would create a permanent supply-reduction mechanism in the protocol, which has already reached a cumulative revenue milestone of $3 billion.

This would reshape how Aave directs revenue toward its native token and potentially send prices to $180 if buyers can break through the current resistance level.

In addition to the proposed burn, large market participants have also been accumulating $AAVE, with two wallets swapping 50.95 WBTC worth nearly $4.26 million for 25,502 tokens.