Crypto analytics platform Santiment has identified a trend of increased whale activity in the altcoin market, suggesting a potential bounce back for certain cryptocurrencies once the overall crypto market stabilizes. Santiment’s Director of Marketing, Brian Quinlivan, has highlighted specific altcoins that have caught the attention of large investors, indicating a possible recovery in their value.
XRP, despite a significant 35% correction from its 2023 peak of approximately $0.938 on July 13, 2023, when the SEC indicated that the digital asset XRP is not a security, XRP has recently seen a surge in whale activity. A report by Todayq News on July 14, 2023, observed that between June 22 and June 28, whales accumulated $170 million worth of XRP, along with a significant 1.1 billion XRP tokens since February.
With the market having corrected by nearly 35%, Santiment suggests that this could indicate accumulation by large investors who have been awaiting an opportunity to enter the market. The current value of XRP stands at $0.5044. As market conditions stabilize, XRP might be poised for a potential recovery driven by this heightened whale activity.
Shiba Inu (SHIB), known for its meme coin, experienced a significant rally in the first half of August, followed by a subsequent price drop. A report by Todayq News on August 17, 2023, revealed that nearly 33 billion SHIBA INU tokens were transferred by anonymous holders. Additionally, the report found that the number of addresses holding the SHIB cryptocurrency had greatly increased to a record high. New data shows that there are now 3.51 million SHIB addresses, marking a remarkable 22% increase in just one week.
Santiment’s data reveals an uptick in transactions valued at $1 million or more, indicating that large wallets are making moves as prices readjust. With SHIB currently trading at $0.00000823, this increased whale interest could pave the way for a resurgence if market sentiment improves.
The Sandbox (SAND) the decentralized virtual world project, witnessed a substantial increase in transactions valued at over $100,000 on August 14th. This surge in activity suggests growing interest among large investors in the potential of the project. As of writing, SAND is trading around $0.3293. The recent whale attention SAND has garnered could contribute to a positive trajectory as the crypto market finds its footing.
Pancake Swap (CAKE), a decentralized crypto exchange built on the Binance Smart Chain, has recently experienced a surge in whale transactions exceeding $100,000. Brian Quinlivan of Santiment notes that this heightened activity could hint at upcoming developments for the platform. With a current value of $1.31, CAKE’s favorable whale activity might spark renewed interest in the project.
As the cryptocurrency market navigates through periods of volatility, Santiment’s observations of increased whale activity in altcoins like XRP, Shiba Inu (SHIB), The Sandbox (SAND), and Pancake Swap (CAKE) come amid crypto market turbulence. Potential rebounds are on the horizon, and traders are keenly observing these trends for their impact on these altcoins in a calmer market.