Every market cycle has accumulation phase
large holder, or whaleAmidst the current uncertainty of the market, coins are seen buying at a discount. It should be noted that each market cycle has an accumulation phase, during which prices flatten out and the opposite investor seizes the opportunity to buy at a discount.
Cryptocurrencies saw a sell-off over the weekend as global markets tumbled after Fed Chairman Jerome Powell promised that the central bank would “use its tools forcefully” to combat inflation — which is still hovering around its highest level in more than 40 years.
In his annual Jackson Hole policy speech, Powell stressed that higher interest rates “are likely to last for some time, and the historical record strongly cautions against premature loosening of policy.”
Consequently, the top cryptocurrencies lost all of their most recent gains as Cardano (ADA) tumbled to hit lows of $0.425 while Dogecoin fell to $0.061.
Data from WhaleStats, which tracks top BSC wallets, indicates that large holders scooped up Cardano (ADA), Dogecoin and other cryptocurrencies, as these were the top 10 cryptos bought by the largest 100 BSC whales in the past 24 hours. are among.
Expectations lead to buy-up
Expectations regarding the upcoming Cardano Vasil update might have partly contributed to the recent whale buy-up. As reported by U.today, Vasil is now “closer than ever.” According to Pooltool data, the block-producing node metric is at 77% for the epoch so far. Meanwhile, to trigger the upgrade, the “node readiness” metric aims at 75% of mainnet blocks being created by the Vasil node at 1.35.3.
According to a recent report by IOG, exchanges Bitrue, NDAX.io and LCX indicated readiness for Vasil, while Binance and several others were in the process of upgrading their nodes. Similarly, the top Cardano dApps are currently undergoing final integration tests, some of which are already in the “testing” state.
As part of community efforts to “literally” put Dogecoin on the moon, developers say they have added another Dogecoin wallet to the Artemis I sign-up that stores an NFT of the Dogecoin Genesis Block and an NFT with a private key of the address.
At press time, Cardano (ADA) was trading modestly at $0.446, while Dogecoin was seen at $0.063.
