Amidst the vicious bear market, whales are investing in a new altcoin promising 300% returns

In the midst of a vicious bear market, Cardano (ADA) is no different as it sheds approximately 20% of its value in the last week.

In the ever-shifting landscape of the crypto market, recent analysis shared by crypto analyst @ali_charts sheds light on the tenuous spot Cardano (ADA) finds itself in. As short-sellers position for a drop in the price of the token, one technical chart pattern shows the token can bounce—barring ADA being able to break through a key resistance at approximately $1.04. On March 8, 2025, the asset was at approximately $1.03789, just short of the price level at which short position mass liquidations with leverage can be triggered.

Breaking Key Resistance Could Bring Massive Cardano Short Sells

Theoretically, breaking above $1.04 would be required to push short sellers out of their position, creating buying pressure which will push ADA up. The short squeeze concept is known: if there are many short positions at risk, a small price rise can induce a short-covering wave of buy orders. The rapid cascade sometimes induces a big price spike in the asset.

For Cardano, however, reaching $1.04 in current market conditions appears to be a tall ask. A wave of negative sentiment and declining volumes overall makes it tough. With a week-on-week fall by 20%, ADA is burdened with the same macro concerns sweeping the broader crypto space. In the opinion of most analysts, barring a change in overall momentum, Cardano can remain below this pivotal level, with short-sellers having a comfortable seat for now.

Whales Are Dumping Cardano For A New Altcoin

While Cardano struggled and short-sellers did not give up, some whales are channeling money into a new altcoin, known to be an “XRP competitor.” This upstart is attempting to tackle very real-world problems with cross-border payments—just as XRP originally did—yet leaving behind the legal or regulatory problems that have haunted Ripple in the past.

Over the last two months, the coin’s presale has appreciated by 300%, attracting the attention of large investors, who evidently perceive more potential than in the battered hopes of ADA. The newly revealed token name is Remittix (RTX), a PayFi solution that focuses on making crypto-friendly remittances a breeze.

Imagine a merchant in an emerging economy country who can accept payment from foreign customers or distant relatives. They can get tokens offshore and get the funds converted into the domestic currency in just 24 hours with no exorbitant transfer costs. That’s how it differs from standard meme coins or high-tech AI tokens. Real people and business owners might be able to utilize it to cut through banking inefficiencies.

Remittix has already raised nearly $14 million in its presale, reaching a valuation of $0.0734 with the sale of approximately 520 million tokens. Top ADA whales, having been disappointed in the 20% drop of Cardano, might look forward to a safer tomorrow in a PayFi coin free of legacy network issues.

Why Would Whales Flee A Staking Chain For PayFi Solutions?

For many large players, the security of returns and practical use cases matter more than pure speculation. Cardano had built a strong name around staking, decentralized apps, and new technologies, but the ongoing market malaise and tough macro conditions are weighing on the chain.

Add in the possibility that ADA may never breach the short-seller line in time, and whales might see no reason to risk heavy losses. By contrast, Remittix stands out for bridging digital money with day-to-day living, especially in unbanked or under-banked communities.

That direct utility often appeals to large investors wanting more stable bets than the battered altcoin sector. If the market remains down, it’s easy to imagine more investors gravitating to tokens with real prospects for adoption. The difference between a purely speculative coin and one with a strong user base can be stark when everything else is dropping in price.

A PayFi approach that can continuously attract families and merchants—like sending tokens and getting local currency in return—might offer more consistent demand. This phenomenon is fueling speculation that once Remittix finalizes a major centralized exchange listing, it could see a big price leap, overshadowing the slow meltdown of once-popular tokens.

A snapshot of the broader market reveals that Bitcoin fell by 1.4% in the past 24 hours, dropping to $46,164 by 08:38 ET (12:38 GMT). On the other hand, Ether slid by 2.3%, reaching $3,319.

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