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The overall digital currency market has encountered a decline, with Bitcoin (BTC) taking the lead in losses, followed by altcoins. However, this price fluctuation has prompted many digital currencies to seek a stable price point that could potentially trigger a rebound. In this context, data from IntoTheBlock (ITB) indicates that Bitcoin, Dogecoin (DOGE), and Cardano (ADA) are depending on their whales to support a short-term recovery.
Similarity Among BTC, DOGE, and ADA Whales
Based on ITB reports, these three cryptocurrencies exhibit a comparable trend in whale activity. Large transactions exceeding $100,000 on the Bitcoin network have surged by over 78% in the last 24 hours, with the total volume of these transactions now standing at $43.63 billion.
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Similarly, Dogecoin whales have also seen a significant increase with a 24-hour growth of 58.67%, bringing the total transaction volume to $1.85 billion. Cardano has followed suit, with whale transactions climbing by 28.19% over the same period to reach a volume of $7.23 billion.
In addition to the whale activity similarities, it’s noteworthy that these three cryptocurrencies do not have an active burn mechanism. Consequently, large transactions often play a vital role in driving price increases across the board.
When Will the Rebound Occur?
It is important to acknowledge that metrics can fluctuate significantly in a volatile market. The uptick in whale transactions may provide the necessary momentum to reverse the current trend, which has seen BTC’s price fall by 0.93% to $66,896.02.
Cardano may also experience an upsurge in ADA whale activities, bolstered by positive ecosystem sentiment following the Chang hard fork upgrade. As of this moment, ADA’s price stands at $0.3576, showcasing a relatively stable growth rate.
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Overall, Dogecoin might also see a significant growth spike as the meme coin gains unique traction among investors. Currently, the leading meme coin is eyeing a rebound from its present level of $0.1392, despite a 2.39% decrease.
