According to on-chain data, Cardano and Dogecoin whales seize price drops as an opportunity and continue to accumulate tokens for the next Mark-Up Phase. For details cryptocoin.com keep reading.
Dogecoin whales keep accumulating
Dogecoin whales seem to be collecting tokens at a discount amid the current market volatility related to short-term price action for cryptocurrencies. It’s worth noting that every market cycle is an accumulation phase, where prices flatten and opposing investors see an opportunity to buy at a discount.
According to experts, when this market cycle ends, the next ‘Mark-Up Phase’ begins. This refers to a stage where the market has been stable for some time and is starting to rise. Over the past 24 hours, the top 100 Dogecoin holders have increased their portfolios, as WhaleStats reports a 987.76% increase in the average DOGE balance for this category of investors. The average DOGE value of their portfolios also increased by 929.33%.
According to IntoTheBlock data, Dogecoin profitability remains at 53%. More addresses on the money are expected to be beneficial to the network, as holders are less inclined to sell to break their positions.
Cardano whales increase large transactions 213% as price drops
Cardano whales have become more active in the past 24 hours, with a 213% increase in large transactions, according to data from IntoTheBlock. Large trading spikes are often associated with increased activity from institutional players or whales buying or selling. According to IntoTheBlock, these transactions exceed $100,000 moved.
Bitrue (BTR), a cryptocurrency exchange, announced that it has made another significant addition to its Cardano (ADA) based trading pairs. According to the official announcement shared on Bitrue’s social media channels, Bitrue’s spot trading ecosystem has launched six additional pairs using Cardano’s token ADA.
According to DefiLlama, the Cardano network has seen a rapid increase in total value (TVL) locked with the launch of the Minswap DEX and an increasing number of decentralized products. The overall value of the Cardano network (including quick-management tokens) has grown rapidly from around $199.74 million to $262 million.
From March 1 to March 12, there was a significant increase in the total value of funds locked in the network’s smart contract, attracting about $62 million more. However, not including equity management assets, Cardano’s Blockchain TVL was around $174.65 million.
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