As the crypto market remained relatively stagnant over the past week, an on-chain analyst has revealed that deep-pocketed investors have been quietly accumulating significant amounts of Cardano (ADA) and a popular memecoin.
According to analyst Ali Martinez, crypto whales have been on a buying spree, acquiring a staggering $85.6 million worth of ADA in just a couple of days.
“Cardano whales purchased over 80 million ADA in a span of 48 hours!”
At the time of reporting, ADA is currently trading at $1.07.
Furthermore, Martinez disclosed that these same deep-pocketed investors also snapped up $64 million worth of Dogecoin (DOGE), a large-cap memecoin.
“Whales acquired an additional 160 million Dogecoin DOGE within just 24 hours!”
At the time of reporting, DOGE is valued at $0.40.
In total, these crypto whales accumulated nearly $150 million worth of ADA and DOGE in just two days over the past week.
Shifting focus to Bitcoin, Martinez emphasized his analysis of BTC’s In/Out of the Money Around Price (IOMAP) metric. This metric categorizes crypto addresses based on their profit or loss status to identify support and resistance levels for BTC.
According to Martinez, Bitcoin currently boasts substantial support above $94,000, with millions of wallets accumulating significant amounts of BTC around and above this price level.
“Bitcoin is bolstered by a significant support zone ranging from $94,300 to $100,250, where 2.25 million wallets have purchased over 2.18 million BTC.”
At the time of reporting, Bitcoin is trading at $101,946.
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Image Credit: Midjourney