While Bitcoin fell below $ 29,000 with the decline it experienced yesterday evening, there were retreats between 2% and 5% in altcoins.
At this point, BTC fell to the level of $ 28,300, while the largest altcoin Ethereum (ETH) fell below $ 1,800.
While altcoins are experiencing these pullbacks, Santiment noted that he has seen an increase in whale activity in some altcoins.
Stating that these altcoins are Shiba Inu (SHIB), XRP, Sandbox (SAND) and CAKE, Santiment said that whales evaluated the declines and accelerated purchases.
“Shiba Inu (SHIB): Shiba Inu specifically has incremental transactions valued at $1 million or more.
As one of the memecoins that had a massive rally in the first half of August, whales seem to be making big trades as prices fall.
Sandbox (SAND): Especially in the last few months, SAND has fallen far more than most altcoins. But on Monday, we saw a very notable increase in whale transactions, which suddenly exceeded $100,000.
XRP: XRP made its mark this summer after the SEC failed in its lawsuit against Ripple and admitted that XRP is not a security in the US.
However, after the price climbed above $0.83, the value of XRP started to decline and fell below $0.59 again.
Despite this, the whales have become very active again and the long-awaited accumulation in XRP has been seen.
Pancake (CAKE): Pancake Swap has lost its shine since the bull run in crypto stopped in late 2021.
However, CAKE still remains the project of interest to investors. In this context, CAKE saw a 2-week high in whale transactions exceeding $100,000 today.”
🐳 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
*Not investment advice.
