Several cryptocurrencies are experiencing an uptick in activity from large investors, known as whales, who appear to be capitalizing on discounted prices. According to Santiment, a market intelligence platform, the activity is particularly prominent in Shiba Inu ($SHIB), Ripple ($XRP), The Sandbox ($SAND), and PancakeSwap ($CAKE).
🐳 As the crowd feels the pain, there are several assets seeing an increase in whale activity. As they attempt to capitalize on the discounted prices, read about the four projects we're seeing some notable activity rises: $SHIB, $XRP, $SAND, & $CAKE https://t.co/SnuKebg7h1 pic.twitter.com/VWKlH95yU0
— Santiment (@santimentfeed) August 17, 2023
Shiba Inu, one of the memecoins, witnessed a surge in large transactions valued at $1 million. The memecoin experienced a substantial upswing in the initial weeks of August but has since seen its prices decline notably. Nonetheless, for the month, it boasts a gain of 8.6%. Shiba Inu’s value currently hovers around $0.000009, reflecting a market valuation nearing $5.4 billion, per CoinMarketCap. Over the last day, it witnessed trading activities worth $420 million, though the coin’s value diminished by 7.62% in the same timeframe.
The Sandbox, which had a promising start when it was first introduced, has been hit hard over the past few months, performing worse than most altcoins. On Monday, however, the project saw a notable increase in $100K+ whale transactions.
Despite the increased activity, The Sandbox has fallen 15.3% in August. The current price of the cryptocurrency is $0.359605, with a market cap of around $740 million. Its 24-hour trading volume is approximately $96 million.
XRP, which had a triumphant summer after the SEC’s lawsuit against Ripple ended unsuccessfully and a US judge deemed the asset a non-security, has seen its market value decrease significantly after soaring above $0.83. Whales have become active again, with the XRP/USD pair price below $0.59, signaling potential accumulation. XRP fell 16.8% in August. The current price of XRP is $0.588901, with a market cap of $31.1 billion and a 24-hour trading volume of approximately $1.49 billion.
PancakeSwap, which lost much of its appeal after the end of the bull run in late 2021, has recently seen a two-week high in $100K+ whale transactions. This activity suggests potential interest from large investors.
According to Santiment, CAKE is down 8.7% this month. Further, PancakeSwap’s market value currently sits at roughly $304.9 million, with its price pegged at $1.42. The past 24 hours have seen transactions totaling close to $18.9 million in trading volume.
Several assets are experiencing increased whale activity as prices fall in the crypto market. These large transactions signal potential accumulation and interest from significant investors. Only time would tell whether this activity translates into a price surge for the affected assets.
