On-chain analysts say deep-pocketed traders are stocking up on Cardano and a memecoin of choice as the market has been sideways over the last week.
Ali Martinez, an analyst on social media platform X, tells his 98.800 followers that crypto whales accumulated ADA worth $85.6m in a few days.
“Cardano Whales purchased over 80 Million ADA in just 48 hours!”
At the time this article was written, ADA traded for $1.07.
Martinez says that deep-pocketed buyers snapped up Dogecoin, a large-capita memecoin worth $64 million.
“Whales purchased another 160,000,000 Dogecoin DOGE within 24 hours!”
DOGE was worth $0.40 at the time this article was written.
The crypto whales accumulated a total of nearly $150,000,000 worth of ADA or DOGE within just two days in the last week.
Martinez is now focusing on Bitcoin and the In/Out Money Around Price (IOMAP), a metric that measures how much money a Bitcoin address has earned or lost. IOMAP categorizes crypto addresses into three categories: those that are either making money, breaking even or losing it, and uses this to calculate support levels for BTC.
Analysts claim that Bitcoin is a stronghold above $94,000, as wallets have accumulated BTC in millions around the area and even above it.
Bitcoin is sitting on top of an important support wall, between $94,300 to $100,250. 2.25 Million wallets purchased over 2,18 million BTC.
Bitcoin currently trades for $101,946.
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Sources of Images include Pixabay Creative Commons & Midjourney
The content of this post Crypto whales gobble up nearly $149,600,000.00 worth of Cardano in just two days: analyst may change as new information becomes available.
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