Cryptocurrency markets have seen a significant dip this week, but it seems that whales – or large investors – are taking advantage of the situation to load up on popular assets like Bitcoin (BTC), Dogecoin (DOGE), Cardano (ADA), and XRP. According to crypto analyst Ali Martinez, these deep-pocketed investors have been busy accumulating digital assets during the recent market correction.
Starting with Cardano, Martinez revealed that whales have purchased over 80 million ADA in the last 48 hours. This surge in buying activity indicates a strong bullish sentiment towards the smart contract platform. Despite the recent dip, Cardano is currently trading at $1.14, reflecting a 6.22% decrease over the past 24 hours.
Moving on to Dogecoin, Martinez noted that whales holding between 10 million and 100 million DOGE acquired a whopping 210 million tokens during the recent correction. This buying spree suggests that large investors are confident in the future potential of the meme-inspired cryptocurrency. Dogecoin is currently trading at $0.402, marking a 4.7% decrease on the day.
When it comes to Bitcoin, the flagship cryptocurrency, Martinez highlighted that high-net-worth investors are seizing every opportunity to accumulate more BTC. He pointed out that 342 wallets holding over 100 BTC were created as prices dropped from $104,000 to $90,000. Bitcoin is currently valued at $99,121, showing a 1.2% decrease in the last 24 hours.
Lastly, XRP, the digital asset associated with Ripple, also saw significant whale activity during the recent market dips. Martinez revealed that wallets holding between 1 million and 10 million XRP purchased over 100 million tokens during the correction. Despite this buying pressure, XRP is currently trading at $2.43, reflecting a 5% dip on the day.
Overall, it is evident that whales are actively accumulating crypto assets during market downturns, signaling confidence in the long-term prospects of these digital currencies. Investors should keep a close eye on whale activity as it can provide valuable insights into market trends and potential price movements. Subscribe to receive email alerts for the latest updates and follow us on social media platforms like X, Facebook, and Telegram for real-time price action and news.