As Cryptokoin.com reported, the crypto money market took action with new whale activities. According to the latest data, leading altcoin whales are selling their ADA and DOGE on the giant cryptocurrency exchange Binance! Here are the details…
Transfers between Cardano whales are increasing on Binance!
According to data transmitted by IntoTheBlock, recent unusual activity on the Cardano network is attributed to transfers between major wallets. Revealing a significant increase in flow among major ADA holders, IntoTheBlock data reveals a notable increase of 154.75 million ADA, particularly from Monday to Tuesday. This indicates that investors holding at least 0.1 percent of the total supply have a significant influx of tokens into their wallets. According to IntoTheBlock’s methodology, this increase may indicate strong buying activity with the token.
The increase in wallets of large ADA whales marks the largest increase since the beginning of May. It is noteworthy that this increase did not coincide with a departure from the wallets of said owners. This suggests that the tokens come from the market itself, not from redistribution between major addresses or exchanges. It is important to note, however, that this activity does not necessarily guarantee a positive outcome. According to the data, similar features were observed during the last major investor surge in Cardano on April 27. After this event, the price of ADA fell steadily, losing 8.5 percent. On the other hand, in the last week, ADA has increased by 3.4 percent and is instantly traded at $ 0.38, but uncertainty still continues. However, any selling action can bring the price down quickly.
Dogecoin whales have carried over 100 million DOGEs!
Another altcoin where whales show great activity is described as DOGE. Data relayed by the @DogeWhaleAlert account reveals that more than 100 million DOGEs have been migrated. According to the data, one of these large DOGE holdings was sent to the Binance exchange. This happened as Dogecoin was attempting to recover some of its recent losses.
According to DogeWhaleAlert data, five major DOGE transfers have been made in the last 20 hours, revealing that between 10 million and 30 million DOGE cryptos have been moved. In the last 24 hours, although DOGE rose to $3.76 levels, there was a decrease afterward. However, DOGE has gained 2.35 percent since yesterday morning. This is enough to lock in some profits by selling 14,835,380 Dogecoins sent to Binance. The data reveals that the largest transfers consist of 30 million DOGE, while the smallest is 10 million DOGE.
On the other hand, whales are not the only ones behind the rise of DOGE on May 17, 2023. DOGE’s price hike on May 17, 2023 came in response to Elon Musk’s reaction to a tweet about “Doge”. When a Twitter user shared his dog and referred to it as “DOGE” and tagged Elon Musk and Billy Markus, it led to a 3 percent increase in price levels. Although the recent tweets for DOGE have not affected the DOGE price much, LADYS has risen over 12,000 percent with Elon Musk’s recent mention of Milady Meme Coin (LADYS).
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