Whale Activity Boosts Cardano and Dogecoin

Last week, significant whale activity in the cryptocurrency market drew attention as major investors aggressively purchased Cardano (ADA) and Dogecoin (DOGE). Analyst Ali Martinez revealed on social media platform X that whales accumulated a staggering $150 million worth of ADA and DOGE within just 48 hours.

• Cardano (ADA): Whales purchased $85.6 million worth of ADA in a 48-hour window, equivalent to over 80 million ADA tokens.
• Dogecoin (DOGE): Large investors acquired 160 million DOGE valued at $64 million in just 24 hours.

At the time of writing, ADA is trading at $1.07, while DOGE remains stable at $0.40, largely supported by these high-volume purchases. Martinez noted:

“Cardano whales accumulated over 80 million ADA in 48 hours!”

Similarly, for Dogecoin, he stated:

“Whales bought 160 million Dogecoin in 24 hours!”

This sudden surge in buying activity has attracted significant market attention, with analysts speculating that these purchases could play a key role in stabilizing the prices of both ADA and DOGE.

Bitcoin Forms Strong Support Above $94,000

In addition to ADA and DOGE, Martinez shared insights regarding Bitcoin’s support levels. Using the In/Out of the Money Around Price (IOMAP) metric, he highlighted a critical support wall between $94,300 and $100,250:

• Within this range, 2.25 million wallets have accumulated a total of 2.18 million BTC.
• At the time of the analysis, Bitcoin was trading around $101,946, now hovering at $105,102.

Martinez commented:

“Within this price range, 2.25 million wallets have accumulated a total of 2.18 million BTC.”

This data suggests a solid demand zone for Bitcoin, reinforcing its price stability and reducing the likelihood of a significant drop below $94,000.

Market Stability on the Horizon

Analysts believe that whale interest in ADA, DOGE, and BTC signals the formation of critical support levels across the market. The large-scale purchases of these assets are seen as indicators of:

1. Market Confidence: Whales often accumulate assets when they anticipate future price stability or upward movement.
2. Short-Term Support: These high-volume transactions can establish robust price floors, reducing volatility.

The recent whale activity, amounting to $150 million in ADA and DOGE purchases, combined with Bitcoin’s established support above $94,000, highlights growing confidence among major investors. As the market remains steady, these developments could play a pivotal role in stabilizing market dynamics in the short term and setting the stage for future growth.