Reportedly, whales have shown interest in altcoins such as Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC) over the past few days as a large amount of these tokens has been purchased and moved from one wallet to another across several transactions.
Whales are described as the largest investor of an asset. They have always had a significant role in the crypto market, given their immense buying power and capacity to influence price action.
Whales Accumulate MATIC, ADA, And DOGE
Huge transactions of MATIC have been taking place on the blockchain. According to a Whale alert report on Thursday, a trade of 38,000,000 MATIC, worth more than $50,00,000, was executed from an unknown wallet to an anonymous wallet today.
Ignoring the downside trend in the market, among large crypto assets, MATIC has seen a 9% profit in a week, adding over $1.5 billion to its market cap over this period. So far, MATIC has been up nearly 3% in the last 24 hours, with a high of $1.34 over the same period.
MATIC isn’t the only digital asset enjoying the whales’ blessing; Cardano’s native token ADA is also on their accumulation list; WhaleStats reported earlier today that ADA is the most traded token among the top 100 Binance Smart Chain (BSC) whales. The crypto asset is one the most used smart contracts for the 1000 most prominent BSC whales.
Per a report from on-chain analytics firm Santiment on Wednesday, Cardano’s large transactions hit a 12-week high in the early months of 2023, with over $100,000 worth of transactions being executed frequently. While its ecosystem has continued to grow in recent months, ADA has also surged since the beginning of the year.
ADA has spiked from the $0.25 price range seen late last year to as high as $0.38 at the time of writing. The asset still ranks 8th with a global market dominance of 1.2% and a market capitalization of $13.4 billion.
ADA currently trades above $0.35, down by 2% in the last 24 hours and by 87% from its all-time high of $3.09 in September 2021.
DOGE Rivaling With Other Altcoins
While MATIC and ADA have been thriving, Dogecoin (DOGE) appears to be giving both assets a run for their money. According to WhaleStats, DOGE flipped ADA for the most traded token among the top 100 BSC whales in the last 24 hours.
Regarding position, DOGE has flipped Polygon to rank 9th as the largest cryptocurrency by market cap. DOGE trades with a market cap of $12.09 billion as opposed to Polygon’s lower market cap of $11.6 billion.
Compared to Cardano, DOGE is having a hard time outshining ADA as DOGE ranks lower than ADA, obtaining the 8th position of the largest cryptocurrency by market cap. ADA’s market cap valuation is worth $13.4 billion.