Dogecoin and Cardano whales… 200 million DOGE and 50 million ADA sold

Large sell-offs from whale wallets of Dogecoin (DOGE) and Cardano (ADA) have been detected in the global crypto market. Although the short-term price impact was limited, the possibility of increased selling pressure in the future has been raised.

According to crypto-focused outlet CryptoPotato on the 5th, a total of 200 million DOGE was moved out from whale wallets holding 10 million to 100 million DOGE over the past 48 hours. On-chain analyst Ali Martinez said, "If the decline in holdings continues, DOGE could test the $0.19 support level."

As of 16:46 that day, DOGE was trading around $0.21 and has fallen about 4% over the past week. Technically, analysts say no clear breakout signal has been identified.

During the same period, wallets holding 1 million to 10 million ADA also sold a total of 50 million ADA. Martinez forecasted, "Cardano could attempt a bullish breakout after reconfirming the $0.80 support level." ADA is currently trading near $0.82, and the uptrend that persisted throughout August has slowed.

Earlier, on the 4th (local time), Eric Balchunas, a Bloomberg ETF analyst, mentioned that Rex Shares is preparing to launch a Dogecoin ETF. In addition, an ADA ETF is under review by the U.S. Securities and Exchange Commission (SEC), with a final decision scheduled for October 26.