AAVE's continued decline led to multiple liquidations of long positions on Hyperliquid, with the founder "self-funding a market rescue" now facing a $2 million unrealized loss.

December 23 — Per monitoring from HyperInsight (via its Telegram channel), a leading long whale address (0x074) on Hyperliquid has been liquidated multiple times and fully wiped out over the past 15 hours, driven by AAVE’s continuous decline yesterday and this morning. The short-term liquidation volume totals approximately $1.19 million. This long position was opened on November 16 at an average price of $189. On-chain analyst Yu Jin reported that Aave founder Stani Kulechov once again bought the dip in AAVE tokens this morning. Earlier today, Stani withdrew 1,699 ETH (worth roughly $5.17 million) from Kraken and purchased 32,658 AAVE at an average price of around $158. Notably, this marks Stani’s second recent dip buy. He began accumulating AAVE on December 16, when governance tensions escalated between the Aave development team and the community DAO. Statistics show that since the start of this governance dispute, Stani has spent a cumulative 5,000 ETH (≈$14.84 million) to buy 84,033 AAVE in batches, with an overall average cost of approximately $176.6. He currently holds 84,033 AAVE, valued at $12.6 million, with an unrealized loss of roughly $2 million. Yesterday morning, the Aave community announced that its “Asset Tokenomics Upgrade” proposal — which would transfer control of brand assets to token holders — will launch voting on Snapshot at 10:40 AM tomorrow and run through December 26. Prior to the announcement, the second-largest AAVE holder address sold 230,000 AAVE (≈$38 million), causing AAVE’s price to briefly drop by over 12%.