Deep-pocketed investors are piling up massive amounts of Cardano (ADA) and its leading memecoin as the market has been trading sideways over the past week, an on-chain analyst said.
Analyst Ali Martinez told his 98,800 followers on social media platform X that the cryptocurrency whale had accumulated $85.6 million worth of ADA in a matter of days.
“Cardano whales purchased over 80 million ADA in 48 hours!”
As of this writing, ADA is trading at $1.07.
Martinez also said that deep-pocketed investors have bought $64 million worth of large memecoin Dogecoin (DOGE).
“Whales purchased an additional 160 million Dogecoin DOGE in 24 hours!”
As of this writing, DOGE is worth $0.40.
In total, cryptocurrency whales accumulated nearly $150 million worth of ADA and DOGE in just two days over the past week.
Martinez turns to Bitcoin and says he is looking at BTC’s In/Out of the Money Around Price (IOMAP) indicator. IOMAP determines support and resistance levels for BTC by classifying cryptocurrency addresses as profit, break-even, or loss.
According to analysts, Bitcoin holds a support stronghold above $94,000 as millions of wallets have accumulated millions of BTC above the price zone.
“Bitcoin sits above important support between $94,300 and $100,250, where 2.25 million wallets have purchased over 2.18 million BTC.”
As of this writing, Bitcoin is trading at $101,946.
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