A crypto analyst reveals that big investors are accumulating significant amounts of Cardano (ADA) and a popular memecoin during a period of market stagnation.
The analyst, Ali Martinez, shared on X that whales purchased $85.6 million worth of ADA in just a couple of days.
“Cardano whales acquired over 80 million ADA in a span of 48 hours!”
Currently, ADA is trading at $1.07.
Martinez also reports that deep-pocketed investors bought $64 million worth of Dogecoin (DOGE).
“Whales acquired another 160 million Dogecoin DOGE in 24 hours!”
At present, DOGE is valued at $0.40.
In total, whales accumulated nearly $150 million of ADA and DOGE within just two days last week.
Shifting focus to Bitcoin, Martinez examines BTC’s In/Out of the Money Around Price (IOMAP) metric to gauge support and resistance levels.
He notes that Bitcoin has strong support above $94,000, with millions of wallets holding BTC around and above this price range.
“Bitcoin is supported by a significant wall between $94,300 and $100,250, where 2.25 million wallets purchased over 2.18 million BTC.”
Currently, Bitcoin is trading at $101,946.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney