dailyhodl.com
An on-chain analyst says deep-pocketed investors are loading up massive amounts of Cardano ($ADA) and a top memecoin as the market went sideways for the past week.
Analyst Ali Martinez tells his 98,800 followers on the social media platform X that crypto whales accumulated $85.6 million worth of $ADA in a couple of days.
“Cardano whales bought over 80 million $ADA in 48 hours!”
At time of writing, $ADA is trading for $1.07.
Martinez also says deep-pocketed investors snapped up $64 million worth of the large-cap memecoin Dogecoin ($DOGE).
“Whales bought another 160 million Dogecoin $DOGE in 24 hours!”
At time of writing, $DOGE is worth $0.40.
In total, the crypto whales accumulated nearly $150 million worth of $ADA and $DOGE in just two days during the past week.
Turning to Bitcoin, Martinez says he’s looking at $BTC‘s In/Out of the Money Around Price (IOMAP) metric. IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – 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 accumulated millions of $BTC around and above the price area.
“Bitcoin sits on top of a significant support wall between $94,300 and $100,250, where 2.25 million wallets bought over 2.18 million $BTC.”
At time of writing, Bitcoin is trading for $101,946.
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