Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The broader digital currency ecosystem slipped, with Bitcoin (BTC) leading the losses and altcoins followed suit. However, the price reversals have pushed many digital currencies in search of a price floor that can fuel their imminent rebound. In light of this, data from IntoTheBlock (ITB) shows that Bitcoin, Dogecoin (ADA) and Cardano (ADA) are relying on their whales to fuel the rebound in the near term.
BTC, DOGE and ADA whale similarity
According to ITB data, the three digital currencies have a similar whale activity trend. Large transactions worth over $100,000 on the Bitcoin network have rallied by more than 78% in the past 24 hours, and according to the data, this large transaction volume is now worth $43.63 billion.
Mushumir ButtDogecoin whales also went on a rampage, with a 24-hour growth rate of 58.67% to $1.85 billion. Cardano also tagged along with the trend, with whale transactions soaring as high as 28.19% in 24 hours to register a volume of $7.23 billion.
Beyond the whale activity correlation, the three profiled assets do not have an active burn mechanism. This means that large transactions are one way to drive price growth across the board.
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.
Cardano might also boost the current ADA whale boost with potential positive ecosystem sentiment that has trailed the community since the Chang hard fork upgrade. As of this writing, the ADA price has become $0.3576, with a relatively flat growth rate.
Gamza KhanzadaevIn all, Dogecoin might also chart its growth surge at a time when the meme coin is receiving a unique boost from investors. For now, the top meme coin is looking at a rebound from its current level at $0.1392 amid a 2.39% drop.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin