CandleFocus BTC, DOGE and ADA Whales Might Drive Price Rebound, Here's Why
2024-10-22
Author: Content Editor
The digital currency market, led by Bitcoin, experienced a decline, but many cryptocurrencies are searching for a price floor to fuel a rebound. Data from IntoTheBlock (ITB) shows that Bitcoin, Dogecoin, and Cardano are relying on their whales (large investors) to drive this rebound. Whale activity in large transactions has significantly increased in the past 24 hours, with Bitcoin recording $43.63 billion, Dogecoin at $1.85 billion, and Cardano at $7.23 billion. These large transactions are expected to drive price growth as the three assets do not have an active burn mechanism. The boost in whale transactions may potentially reverse the current downward trend. Cardano might also benefit from positive sentiment following the Chang hard fork upgrade, while Dogecoin is experiencing an increase in investor interest.
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