Whales spend $150M on ADA and DOGE to strengthen crypto market

Whales have recently made substantial purchases of ADA (CRYPTO:ADA) and DOGE (CRYPTO:DOGE), signaling increased interest in these cryptocurrencies.

According to analyst Ali Martinez, major investors acquired $150 million worth of ADA and DOGE within just two days.

Cardano whales were particularly active, purchasing ADA worth $85.6 million in 48 hours, with ADA priced at $1.07 during the period.

“Cardano whales accumulated over 80 million ADA in 48 hours,” highlighted Martinez, noting that this accumulation was significant.

Dogecoin also saw notable whale activity, with $64 million worth of DOGE purchased in a single day.

“Whales bought 160 million Dogecoin in 24 hours!” reported Martinez.

This influx helped stabilize DOGE’s market price at around $0.40.

These large-scale purchases of ADA and DOGE have attracted attention from market participants, with analysts suggesting that they could help stabilise the broader crypto market.

The activity of whales in the market is viewed as a sign of potential support for these assets, helping to reduce market volatility.

In addition to ADA and DOGE, Bitcoin's (CRYPTO:BTC) price has also seen significant interest from large investors.

Martinez reported that Bitcoin has established strong support between $94,300 and $100,250, based on the In/Out of the Money Around Price (IOMAP) metric.

Analysts believe the increased activity from whales, particularly in ADA, DOGE, and BTC, indicates the formation of essential support levels in the short term.

At the time of reporting, the Cardano price was $1.09, and the Dogecoin price was $0.4036.