As a seasoned crypto investor with a knack for spotting trends and patterns, I find the recent surge in whale activity across Bitcoin (BTC), Dogecoin (DOGE), and Cardano (ADA) quite intriguing. Having weathered multiple market cycles, I’ve learned that large transactions from these ‘crypto giants’ can often signal a potential price rebound.
In simple terms, the overall digital currency market experienced a downturn, with Bitcoin taking the lead in losses and other cryptocurrencies following suit. This decline has caused many digital currencies to seek a price bottom that could trigger an immediate recovery. According to IntoTheBlock data, Bitcoin, Dogecoin, and Cardano are currently relying on their large investors (whales) to initiate the short-term market recovery.
BTC, DOGE and ADA whale similarity
Based on ITB’s findings, it appears that the three digital currencies exhibit a comparable pattern of whale activity. In the last 24 hours, significant transactions exceeding $100,000 on the Bitcoin network have experienced an increase of over 78%. As per the data, this substantial transaction volume currently stands at approximately $43.63 billion.
It was a wild ride for Dogecoin and Cardano, both seeing significant increases. In just 24 hours, the value of Dogecoin whale transactions skyrocketed by 58.67%, reaching an impressive $1.85 billion. Meanwhile, Cardano followed suit, witnessing a surge in whale activity by 28.19% within the same period, resulting in a transaction volume of $7.23 billion.
Apart from any connection between whale activities, these three specific assets lack an automated process for reducing supply (burn mechanism). Consequently, substantial transactions can significantly boost prices for all of them.
When rebound?
It is worth noting that metrics change as much as the broader market is volatile. The boost in whale transactions might help to reverse the current trend that has seen the price of BTC drop by 0.93% to $66,896.02.
It’s possible that Cardano could further increase the influence of large ADA holders (whales) due to the potential positive impact on the ecosystem that followed the Chang hard fork upgrade. At present, the price of ADA stands at $0.3576, showing a relatively stable growth trend.
As a researcher, I’m observing an intriguing trend in Dogecoin’s performance. It seems that this digital currency might be experiencing a growth spurt concurrently with an unusual surge of interest from investors. Currently, the leading meme coin is displaying signs of recovery from its present position at approximately $0.1392, despite a minor dip of 2.39%.
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2024-10-22 18:42