The broader cryptocurrency market has experienced a pullback, with Bitcoin (BTC) leading the dip, followed by altcoins. However, this price correction is prompting major digital currencies to seek a bottom for a potential rebound.
According to data from IntoTheBlock (ITB), whales are playing a significant role in driving the recovery of Bitcoin, Dogecoin (DOGE), and Cardano (ADA).
Whale Transactions Surge in BTC, DOGE, and ADA
ITB data reveals a strong correlation in whale activity across these three cryptocurrencies. Large transactions, defined as those exceeding $100,000, have surged in the past 24 hours. Bitcoin has seen a massive 78% increase in large transactions, reaching a total value of $43.63 billion. Similarly, Dogecoin has experienced a 58.67% jump, with whale transactions totaling $1.85 billion. Cardano followed suit, registering a 28.19% increase and a transaction volume of $7.23 billion.
Lack of Burn Mechanism and Price Growth
A key factor for Bitcoin, Dogecoin, and Cardano is the absence of an active burn mechanism. Without this feature to reduce supply, large transactions by whales are a crucial driver of price growth. As these whales continue their buying activity, there is potential for a price rebound in the near term.
When Will the Rebound Happen?
As the crypto market remains volatile, the recent surge in whale activity could help reverse the downtrend. Bitcoin’s price has dropped by 0.93% to $66,896.02, but whale activity may soon trigger a bounce.
Cardano’s ecosystem also remains strong, with positive sentiment following the Chang hard fork upgrade. At present, ADA is priced at $0.3576 with little movement, but whale interest could spark growth soon.
Meanwhile, Dogecoin is seeing investor optimism, despite its 2.39% decline to $0.1392. Whale activity and rising investor interest could help DOGE recover and push toward a rebound.