The cryptocurrency market started the new year with a strong rally. However, it withdrew from February and entered the consolidation process. Crypto whales, on the other hand, saw this pullback as an opportunity and started accumulating large amounts of the tokens of the 4 altcoin projects before prices picked up momentum.
Whales have caught their eye on 4 altcoin projects
cryptocoin.comAs you follow, the crypto market is witnessing a pullback, although it has not seen a serious decline since February. Seeing this as an opportunity, crypto whales have been accumulating massive amounts of Cardano (ADA) and Dogecoin (DOGE) over the past few days despite market-wide sales. In addition, the popular meme coin Shiba Inu (SHIB) amid the Shibarium beta launch and Polygon (MATIC) as a result of increased NFT support is also witnessing increased activity from whales.
Whales pay special attention to MATIC, ADA, DOGE
Whale-watching platform Whale Alert reported two major MATIC transactions on Thursday. A single whale moved 38,000,000 MATIC tokens in two transactions totaling over $50 million. In fact, MATIC has become the third largest cryptocurrency of the top 500 ETH whales. Meanwhile, MATIC price is still in a bullish trend, up about 10% in a week. The altcoin is currently trading at $1.30, down 0.14% over the past 24 hours.
According to WhaleStats, another whale watching platform, Cardano (ADA) was the most traded token among the top 100 BSC whales in the last 24 hours. It also achieved the most used smart contract position among the top 1000 BSC whales. On Wednesday, Santiment on-chain data showed that the number of Cardano whales increased in 2023. It also revealed that transactions exceeding $100,000 increased for the first time since May last year. The ADA price is up 65% in 2023. However, in the last 24 hours, ADA price is down more than 3% to $0.3805.
Meanwhile, Dogecoin is holding a thought contest for Cardano on the whale activity. Dogecoin (DOGE) has flipped Cardano for the most traded token among the top 100 BSC whales in the past 24 hours. Dogecoin Whale Alert has reported at least 20 transactions in the last 24 hours with a cumulative movement of over 200,000 DOGE. Crypto analyst Rekt Capital says that the price of Dogecoin (DOGE) broke out of the ‘falling wedge’ pattern on the weekly timeframe. This indicates that it will likely rise above $0.1 in the next few weeks. Currently, DOGE price is consolidating near $0.09, down 4.3% in the last 24 hours.
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