An on-chain analyst says deep-pocketed investors are loading up on massive amounts of Cardano (ADA) and a top memecoin as the market went sideways last week.
Analyst Ali Martinez tells his 98,800 followers on social media platform X that crypto whales have collected $85.6 million in ADA in a few days.
“Cardano whales bought over 80 million ADA in 48 hours!”
At the time of writing, ADA is trading at $1.07.
Martinez also says deep-pocketed investors have snapped up $64 million worth of the large-cap memecoin Dogecoin (DOGE).
“Whales bought another 160 million Dogecoin DOGE in 24 hours!”
At the time of writing, DOGE is worth $0.40.
In total, the crypto whales have collected nearly $150 million in ADA and DOGE in just two days this past week.
As for Bitcoin, Martinez says he looks at BTC’s In/Out of the Money Around Price (IOMAP) metric. IOMAP classifies crypto addresses as profitable, breakeven, or money-losing – 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 have accumulated millions of BTC around and above the price area.
“Bitcoin sits atop a significant support wall between $94,300 and $100,250, where 2.25 million wallets bought more than 2.18 million BTC.”
At the time of writing, Bitcoin is trading at $101,946.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
Credit : dailyhodl.com
