AAVE has recently experienced a roller coaster ride amid governance disputes and whale movements, but the core fundamentals remain intact. This year, DAO revenue reached 140 million USD, surpassing the total of the past three years, and these figures are solid.

The most interesting part is the actions of founder Stani Kulechov—recently purchasing a total of 12.6 million AAVE tokens in one go. It’s important to note that this was done without unrealized losses, in a way voting with real money. His logic is clear: optimistic about the protocol’s long-term value, especially with the upcoming V4 version.

But reality isn’t that simple. Governance remains a tangled mess— a proposal to transfer brand assets to DAO control was rejected with a voting turnout of 55.29%, revealing clear internal divisions. On one side are the community members who insist on long-term holding and believe in the fundamentals; on the other are holders anxious about governance chaos and recent price declines.

Technically, bearish signals are also emerging. The MACD line has crossed below the signal line, the histogram has turned negative and is expanding, indicating short-term downward pressure. More painfully, a large whale recently sold over 230,000 AAVE, cashing out 37.59 million USD, causing the market to drop sharply. Meanwhile, traders have opened 10x short leverage, adding to the downward momentum.

So the current situation is: fundamentals are positive, but governance disagreements persist, technicals are weak, and whales are moving. Is this the bottoming out or a signal to wait further? The community’s divisions reflect the market’s true dilemma.