Brian Quinlivan, the marketing director of the on-chain data platform Santiment, reported that they have seen high whale activity and that these four leading altcoins could rise strongly if the cryptocurrency market starts to recover. Here are the altcoins that Quinlivan highlighted with reference to on-chain data.
Starting his analysis with XRP, the fifth largest cryptocurrency by market value, Quinlivan stated that whales have become more active again amidst a drop of over 35% from the year’s highest level of $0.938, and this could be the long-awaited accumulation.
Following XRP, Quinlivan drew attention to Shiba Inu (SHIB) and said, “In Shiba Inu, we see an increase in transactions worth $1 million or more. As one of the meme coins that had a significant rise in the first half of August, it is observed that many large wallets made large transactions as prices started to fall again.”
Referring to the decentralized metaverse project The Sandbox (SAND), Quinlivan stated that they observed a significant increase in transactions over $100,000 in the altcoin at the beginning of the week.
Quinlivan also mentioned that a similar experience was seen in PancakeSwap (CAKE), a decentralized exchange built on Binance Smart Chain (BSC), and said, “The asset saw its highest level in whale transactions over $100,000 in the past two weeks, and everyone’s favorite sweet token may be preparing for something.”
With the sharp drop in the overall cryptocurrency market on August 17th, many altcoins experienced double-digit losses. XRP, which dropped to $0.47 during the market-wide decline, is currently trading at $0.5044 with a 0.54% decrease in the last 24 hours.
Popular meme coin SHIB has changed hands at $0.000008473 with a 1.33% increase in the last 24 hours. Shiba Inu, which experienced a drop to $0.0000078 during the August 17th decline, recovered to $0.0000078. Furthermore, SAND, which dropped to $0.31 during the market-wide decline, is currently trading at $0.3267 with a 1% decrease in the last 24 hours, while CAKE is trading at $1.131 with a 1.88% decrease in the same time period.