Whale activity is increasing for Shiba Inu (SHIB), XRP, The Sandbox (SAND) and PancakeSwap (CAKE), according to a Twitter post shared by market intelligence platform Santiment. This is probably because there is some downturn in the cryptocurrency market and these whales are taking advantage of discounted prices. Regarding the Shiba Inu (SHIB), Santiment pointed out that the meme cryptocurrency has witnessed a notable increase in transactions exceeding $1 million. Among the meme group that experienced a surge at the beginning of August, it’s clear that many major wallets are running large transactions to coincide with current price drops.
The Shiba Inu (SHIB) has managed to maintain its 8.6% gain in August to this point, as the price has returned to more realistic levels. On the other hand, CoinMarketCap stated that the price of Shiba Inu (SHIB) dropped by 6% compared to the last day of trading. A few years ago, The Sandbox (SAND) was a smaller asset that gained significant traction while being stronger in the overall cryptocurrency market. However, in the last few months, the project has faced more significant declines compared to other alternative cryptocurrencies. We can say that The Sandbox (SAND) experienced a 15.3% drop in August alone.
It’s worth noting that on Monday there was a spike in key whale transactions exceeding $100,000. The SAND price was at $0.36, down 1.66% in the last 24 hours. XRP had a notable summer that came out strong after the SEC lawsuit ruled it was not a security. Although it climbed above $0.83, its market cap dropped below $0.59. As of now, XRP has dropped 16.8% in August. On the other hand, active whale activity points to potential accumulation, according to Santiment. The price of XRP has dropped more than 2% over the past day. As a result, the popular altcoin was worth around $0.5903 at press time. After the 2021 bull run, CAKE’s momentum has waned a bit, but it’s still experiencing occasional price spikes. August was a more difficult time for the cryptocurrency as its price dropped 8.7%. On the bright side, Santiment data shows a two-week peak in whale trades above $100,000 for PancakeSwap (CAKE). However, over the past day, the altcoin price has dropped 1.89%. PancakeSwap (CAKE) price was trading at $1.42 at the time of writing.