July has had a fairly quiet week in terms of Bitcoin whale activity. However, in the world of cryptocurrencies many things are happening at the same time, such as the Dogecoin boom, Cardano’s ADA, among other things. What are Bitcoin whales doing as Cardano and Dogecoin increase?
Bitcoin whales hide, and in parallel Cardano emerges
According to Whale Alert, in the last few days only three operations with Bitcoin have been registered. Among these movements, two were accumulation, for a total of 4,300 BTC. The remaining movement introduced 3,500 BTC into Xapo.
Meanwhile, Bitcoin has increased by 2.09% in the past 24 hours. This translates to a value of $ 9,463.17 per BTC. The whales cannot be said to have had a direct influence on this event, but they can act accordingly to try to drive it forward.
On the other hand, Bitcoin’s hashrate hit a new high today, according to Messari. This may also influence Bitcoin’s performance in the near future if miners decide to sell it gradually or in large quantities. Whales could also change their actions depending on what happens
Altcoins growing while the whales remain calm
Similarly, interesting changes are taking place in the world of altcoins. First of all, we have the rise of altcoins like ADA and Dogecoin, while Bitcoin struggles to define itself outside of the side-market range it had in June.
Cardano (ADA) increased by 85% in the last week
Recently, Cardano’s ADA may have outperformed the Bitcoin Satoshi Vision position in the market cap.
Some reasons that may have influenced this 85% increase in just over a week are the new Shelley update, the rapid growth of the decentralized finance (DeFi) market, and perhaps a favorable market structure.
The growing demand for ADA is likely due to investors who find the rewards system compelling under the new Cardano update. At the moment, Bitcoin whales have not sold their tokens to invest in altcoins like Cardano.
The curious case of Dogecoin and social networks
On the other hand we have the curious case of Dogecoin. For those who do not know it, this cryptocurrency has increased by almost 20% thanks to the influence of a viral “challenge” on the TikTok social network. This challenge motivates users to get rich, if they help the price of the cryptocurrency to reach $ 1.
Something equally curious about this cryptocurrency is that it is inspired by a meme, “doge”, and was created as a joke about seven years ago. However, over these years he managed to build a lasting community on Reddit and Twitter, and now his price increases due to the influence of TikTok users.
If you have a difficult time waiting for what can happen with Bitcoin and the whales then maybe you could take a look at the altcoins we have mentioned and study them a bit, especially now that they are growing.