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An on-chain analyst says deep-pocketed investors are loading up massive amounts of Cardano (ADA) and a top memecoin as the market went sideways for the past week.
Analyst Ali Martinez tells his 98,800 followers on the social media platform X that crypto whales accumulated $85.6 million worth of ADA in a couple of days.
“Cardano whales bought over 80 million ADA in 48 hours!”
At time of writing, ADA is trading for $1.07.
Martinez also says deep-pocketed investors snapped up $64 million worth of the large-cap memecoin Dogecoin (DOGE).
“Whales bought another 160 million Dogecoin DOGE in 24 hours!”
At time of writing, DOGE is worth $0.40.
In total, the crypto whales accumulated nearly $150 million worth of ADA and DOGE in just two days during the past week.
Turning to Bitcoin, Martinez says he’s looking at BTC‘s In/Out of the Money Around Price (IOMAP) metric. IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for BTC.
According to the analyst, Bitcoin has a fortress of support above $94,000 as millions of wallets accumulated millions of BTC around and above the price area.
“Bitcoin sits on top of a significant support wall between $94,300 and $100,250, where 2.25 million wallets bought over 2.18 million BTC.”
At time of writing, Bitcoin is trading for $101,946.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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