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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Cardano bull and top analyst Dan Gambardello recently spotlighted a major trend in ADA that has won the hearts of the project’s skeptics. With the ADA price jumping to a three-year high over the past month, Gambardello said the coin’s growth has woken up many people.

Cardano Price Helped Prove Peer Dominance

As Dan Gambardello noted, ADA price jumped from $0.32 to a high of $1.3 over the past month. Gambardello insinuated that this growth, which amounts to 306%, has made Cardano too big to ignore, even for major influencers.

The top analyst said major influencers could no longer continue negative coverage of the asset. This, he claims is because these critics now know how silly they will look with sustained negative coverage as ADA prices continue to soar.

The sudden Cardano move from .32 to $1.30 woke a lot of people up.

Major influencers quickly realized they can’t continue negative $ADA coverage.

They know they’d look silly through the bull market as $ADA keeps pumping.

Now they’re bullish because they’ve fallen in line.

— Dan Gambardello (@cryptorecruitr) December 14, 2024

The statement from Dan Gambardello hinges on the broad backlash Cardano has received over the past few years. As a media personality in crypto, he has used his platform to promote the coin. Gambardello largely supports major price growth for Cardano. Meanwhile, this is in line with previous ADA price analysis that tips a surge to $2.

As of writing, the coin has pared off some of its gains over the past day. It is now down by 6.05% to $1.05 as of writing. The coin has dropped to this lowest level after soaring as high as $1.13 in the past 24 hours.

Prospects and Hurdles

Despite the massive accolades for Cardano, the underlying protocol has a number of hurdles to cross in the near future. Recently, a Cardano Foundation whistleblower flagged gross incompetence at the organization, sparking community speculation.

With the foundation allegedly disaligned with Input Output Global (IOG) and other founding bodies, the prospect of its decentralized endeavors are now in doubt.

However, the protocol has continued to innovate in its technological push. With advanced Hydra test and scalability upgrades, analysts like Dan Gambardello are optimistic the future of ADA remains bright.

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.