Whale activity in altcoins like Shiba Inu has risen sharply as their prices underwent strong declines.
Throughout the week, the altcoin market has experienced intense selling, even without any clear major reasons, while enthusiasm for the Bitcoin ETF has diminished. Despite this, the recent price correction has led to an increase in whale activity, as confirmed by data from the blockchain. Now, let’s examine a few altcoins that are showing heightened whale involvement.
Shiba Inu’s Price Movement and High-Value Transactions
The memecoin Shiba Inu (SHIB) attracted attention from cryptocurrency traders due to its strong price gains in August. However, the SHIB price has gone through a considerable decrease. Currently, it’s down by 8% and trading at $0.000009304. The coin’s market cap is around $5.4 billion.
There has been a noticeable increase in the number of Shiba Inu transactions worth $1 million or more. Even though SHIB’s price surged at the beginning of August, many of its large wallets are now making significant transactions as the price goes down. Overall, SHIB’s value increased by 8.6% in August.
Courtesy: Santiment
Whale Actions on the XRP Network
XRP experienced significant price increases in July after progress in its lawsuit. However, in August, its price went through a major decline. The summer saw attention on XRP because the SEC’s lawsuit against Ripple didn’t work, and the US labeled XRP as a non-security.
While its price had reached above $0.83, it later fell under $0.59. What’s interesting is that there’s been more activity from large holders (whales) recently. This might suggest they are gathering more XRP, possibly for a future phase. In August, XRP’s value went down by 16.8%.
Courtesy: Santiment
Sandbox (SAND) and PancakeSwap (CAKE) Activity
According to Santiment, a data provider, Sandbox (SAND) and PancakeSwap (CAKE) have suddenly seen a big increase in on-chain activity.
Sandbox started as a smaller digital asset that got a lot of attention at the beginning. But lately, it hasn’t done as well as other cryptocurrencies. Still, on Monday, there was a surprising rise in transactions by big holders (whales) who moved amounts over $100,000. In August, the value of SAND has gone down by 15.3%.
PancakeSwap’s popularity has gone down a bit since the big crypto boom ended in late 2021. But the project is still active, sometimes having big price jumps and changes that are interesting for daring traders.
Recently, there was a two-week period with more transactions by whales involving $100,000 or more. This might suggest that something important is happening with this famous token. In August, the value of CAKE has gone down by 8.7%. Remember, more whale activity doesn’t always mean they’re collecting more of the token.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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