- Santiment shared on Twitter that the whale activity for SHIB, SAND, XRP, and CAKE has been increasing.
- Many believe whales will now try to capitalize on the discounted cryptocurrency prices.
- CoinMarketCap data revealed that SHIB, XRP, SAND, and CAKE all saw their prices drop over the past 24 hours.
Whale activity for Shiba Inu (SHIB), Ripple (XRP), The Sandbox (SAND), and PancakeSwap (CAKE) has been increasing according to a Twitter post shared by the market intelligence platform, Santiment. This is likely due to the fact that there has been a bit of a downturn in the cryptocurrency market and these whales are capitalizing on the discounted prices.
With regards to SHIB, Santiment pointed out that the meme coin is witnessing a notable uptick in transactions with values surpassing the $1 million mark. Among the group of meme coins that experienced a surge in the start of August, it is evident that many significant wallets are conducting huge transactions, coinciding with the current price declines.
While the price has retraced to more realistic levels, SHIB has managed to maintain an increase of 8.6% in the month of August up to this point. On the other hand, CoinMarketCap indicated that SHIB saw its price decline by 6+% over the last day of trading.
A few years ago, SAND was a smaller capped asset that gained significant traction when the overall cryptocurrency market was stronger. However, over the past few months, the project has faced more significant declines compared to other alternative coins. SAND experienced a decrease of 15.3% in August alone.
It is worth noting that on Monday, there was a sudden surge in substantial whale transactions exceeding $100,000. With regards to its 24-hour performance, CoinMarketCap showed that SAND’s price slipped by 1.66% during this time, leaving the altcoin trading at $0.3604.
XRP had a notable summer, emerging strong after the SEC lawsuit ruled that it is not a security. Despite reaching over $0.83, its market value dipped below $0.59. As of now, XRP has declined by 16.8% in August. On the other hand, active whale activity hints at potential accumulation, according to Santiment.
XRP’s price decreased by more than 2% throughout the past day. As a result, the remittance token was worth approximately $0.5903 at press time.
After the 2021 bull run, CAKE’s momentum died down a bit, but the dessert token does still experience intermittent price surges every now and then. August was a tougher month for the cryptocurrency as its price declined by 8.7%.
On the brighter side, Santiment data suggests that there has been a two-week peak in whale transactions over $100,000 for CAKE. Throughout the past day, however, the altcoin’s price fell by 1.89%. This meant that CAKE was trading hands at $1.42.
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