Last week, the stagnant crypto market saw an influx of interest from major investors in ADA and DOGE, with purchases totaling $150 million in two days.
Whales Intensify Accumulation of ADA and DOGE
Analyst Ali Martinez reported on the X platform that Cardano whales purchased ADA worth $85.6 million within just 48 hours, noting, 'Cardano whales accumulated over 80 million ADA in 48 hours!' At the time, ADA was priced at $1.07. A similar trend with Dogecoin saw large investors acquire $64 million worth of 160 million DOGE in 24 hours: 'Whales bought 160 million Dogecoin in 24 hours!' which stabilized the market price at $0.40.
Strong Support Established for Bitcoin
Martinez also shared his analyses on Bitcoin’s support levels. According to the In/Out of the Money Around Price (IOMAP) metric, Bitcoin has established a strong support wall between $94,300 and $100,250. He remarked, 'Within this price range, 2.25 million wallets have accumulated a total of 2.18 million BTC,' while Bitcoin was trading at $101,946.
Impact of Large Purchases on Market
Analysts believe these high-volume ADA and DOGE purchases over two days drew significant market attention and may contribute to stability. The intense interest from whales in ADA, DOGE, and BTC indicates the formation of critical support levels in the near term, highlighting that such large buys might play a significant role in stabilizing market dynamics.
The activity of major investors in ADA, DOGE, and support for Bitcoin highlights their significant impact on the crypto market, which could foster stabilization and the formation of key market thresholds.
