Since the beginning of the week, the altcoin space has come under strong selling pressure with no major catalyst in cite and the optimism around Bitcoin ETF waning away. However, the recent correction has also registered a surge in whale activity as per the on-chain data. Let’s take a look into some altcoins seeing higher whale activity.
Shiba Inu (SHIB)
Memecoin Shiba Inu (SHIB) has been on the radar of crypto traders with its price making strong gains in August this month. However, the SHIB price has entered into a strong retracement, and at press time, it’s trading 8% down at a price of $0.000009304 with a market cap of $5.4 billion.
There’s a notable rise in the number of transactions involving Shiba Inu that are valued at $1 million or more. Despite its significant surge in the early part of August, much of SHIB’s large wallets are now conducting substantial transactions as its price has retraced. Currently, SHIB experienced an 8.6% increase in August.
Interestingly, the price action has been heading lower despite Shiba Inu’s Shibarium going live hours ago. It’s a classic case of buy the rumor sell the news event.
XRP Network Whale Activity
After major price gains in July following the XRP lawsuit, the XRP price has undergone a major retracement in August this month. During the summer, XRP gained attention due to the SEC’s lawsuit against Ripple being unsuccessful and the US categorizing XRP as a non-security.
After its price surged above $0.83, the project’s market value declined and dropped below $0.59. Interestingly, whales have recently become more active, possibly indicating the awaited accumulation phase. XRP’s performance in August has shown a decrease of 16.8%.
Sandbox (SAND) and PancakeSwap (CAKE)
On-chain data provider Santiment reports that Sandbox (SAND) and PancakeSwap (CAKE) have seen a sudden surge in on-chain activity.
The Sandbox emerged as a smaller-cap asset that gained substantial attention in its early days. However, in recent months, the project has experienced more significant declines compared to other altcoins. Surprisingly, there has been a notable increase in whale transactions involving amounts over $100K on Monday. The performance of SAND in August has shown a decrease of 15.3%.
Pancake Swap’s appeal has somewhat diminished since the end of the crypto bull run in late 2021. Despite this, the project remains active, occasionally displaying price surges and significant volatility that appeals to adventurous traders. Interestingly, the asset recently witnessed a two-week high in whale transactions involving $100K or more, indicating potential developments for this popular token. In August, CAKE’s performance has indicated a decrease of 8.7%.
Note that the surge in whale activity doesn’t necessarily mean accumulation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
