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You can also read this news on BH NEWS: Whales Boost ADA and DOGE Holdings in Market
Recent activities in the cryptocurrency market have highlighted significant whale movements, particularly involving Cardano (ADA) and Dogecoin (DOGE). During a week of stagnation in market prices, major investors made substantial purchases of these assets. Reports indicate that within just two days, whales collectively acquired ADA and DOGE valued at approximately $150 million, signaling a notable shift in market dynamics.
What Are the Recent ADA Purchases by Whales?
According to analyst Ali Martinez, Cardano whales spent around $85.6 million on ADA in a mere 48-hour span. He stated, “Cardano whales accumulated over 80 million ADA in 48 hours!” The asset’s price at that time was $1.07, indicating a strong buying interest amidst a lack of broader market movement.
How Did Dogecoin Fare in Whale Accumulation?
Dogecoin also experienced a surge in whale purchases, with large players acquiring approximately $64 million worth of 160 million DOGE within 24 hours. Martinez noted, “Whales bought 160 million Dogecoin in 24 hours!” This influx helped stabilize DOGE’s market price around $0.40.
These notable buy-ins of ADA and DOGE have sparked significant market interest. Key takeaways from this activity include:
- Whales are increasingly favoring ADA and DOGE, which may signal future price stability.
- Substantial volumes of purchases suggest confidence in these assets during stagnant market conditions.
- These movements could lead to stronger support levels in the cryptocurrency market.
Additionally, Martinez offered insights on Bitcoin, indicating a solid support range between $94,300 and $100,250. He revealed that 2.25 million wallets hold a total of 2.18 million BTC within this price bracket. The interest from whales in various cryptocurrencies is seen as a potential stabilizing force for market activity in the near term.