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Since the beginning of the week, the altcoin market has been under significant selling pressure without any major catalyst, and optimism around the Bitcoin ETF has decreased. However, according to data on the blockchain, there has been an increase in whale activity. Let’s take a look at some altcoins that are seeing higher whale activity.
Shiba Inu Coin Review
Memecoin Shiba Inu (SHIB) caught the attention of crypto investors with its strong gains in August. However, the SHIB price entered a strong pullback and is currently trading at $0.000009304 with an 8% decrease and a market cap of $5.4 billion.
There is a significant increase in the number of transactions involving Shiba Inu with a value of $1 million or more. Despite the significant increase earlier in August, most of SHIB’s large wallets are currently executing significant transactions due to the price decline. SHIB had experienced an 8.6% increase in August. Interestingly, despite the recent launch of Shiba Inu’s Shibarium, the price continues to decline. This could be interpreted as a classic “buy the rumor, sell the news” situation.
XRP Network Whale Activity
Following the significant price increases in July with the XRP case, the XRP price experienced a major pullback in August. XRP garnered attention in the summer due to the failure of the SEC’s case against Ripple and the classification of XRP as a non-security product by the US.
After reaching above $0.83, the project’s market cap declined and fell below $0.59. Interestingly, whales have become more active recently, indicating a potential accumulation phase. XRP saw a 16.8% decrease in performance in August.
Sandbox (SAND) and PancakeSwap (CAKE)
On-chain data provider Santiment reported a sudden increase in on-chain activities for Sandbox (SAND) and PancakeSwap (CAKE). Sandbox emerged as a smaller capitalization asset that gained significant 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 $100,000 on Monday. SAND had a 15.3% decrease in performance in August.
The appeal of Pancake Swap has somewhat diminished since the end of the crypto bull run in late 2021. However, the project continues to remain active and exhibits price fluctuations and significant volatility that occasionally appeal to adventurous investors.
Interestingly, the asset recently witnessed the highest level of whale transactions involving amounts over $100,000 in two weeks, indicating potential developments for this popular token. In August, CAKE had an 8.7% decrease in performance. Note that the increase in whale activity does not necessarily imply accumulation.
