In an unexpected twist, the cryptocurrency market is currently buzzing with increased whale activity, particularly Shiba Inu (SHIB), XRP, and a few other altcoins. The question that naturally arises is whether these whales are orchestrating a massive sell-off.
Here’s everything you need to know.
Shiba Inu’s Roller Coaster Ride
The meme-driven Shiba Inu Token (SHIB) has been a hot topic of discussion recently and experienced a notable price increase earlier this month. However, the landscape has changed since then and SHIB is now undergoing a substantial retracement.
Recent data from the Etherscan tracker has revealed a staggering transfer of 44 billion SHIB tokens orchestrated by crypto whales, leaving the community both amazed and intrigued.
Read more: Shiba Inu Price Analysis: Will SHIB Price With Shibarium Live Complete A Bullish Maneuver?
Whale movements have caught eyeballs
These important transactions were executed through just 12 transfers, each ranging from one to eight billion SHIB tokens per transfer. In particular, the tokens have been transferred from well-known exchanges such as Crypto.com, Binance, OKX, and Coinbase.
Binance is in the spotlight as a whopping 12.4 billion SHIB tokens hit the road, split into chunks of up to eight billion tokens by segment. The remaining 44 billion SHIB tokens were shuffled between secret wallets and exchanges.
Despite the launch of Shiba Inu’s Shibarium, the token’s price trajectory has moved downwards. It is important to highlight, however, that SHIB’s August travel showed an 8.6% increase.
XRP’s twists Do not stop
XRP, known for its legal battles and regulatory hurdles, experienced a significant price rally in July after a partial SEC win. However, August has brought about a change in fortunes as XRP prices went through a substantial correction.
Having previously crossed the $0.83 mark, the value of XRP has fallen and is now below $0.589. This volatility in market value raises questions and arouses curiosity, prompting us to take a closer look at the factors that influence these fluctuations.
Related: XRP Outperforms Altcoin Market, Analysts See $1.3 Price Target
Whales at play
Signs of life within the XRP network’s whale community have resurfaced, sparking talks about a possible accumulation phase. While August paints a picture of transformation for XRP, performance shows a 16.8% decline.
Our on-chain data points to a notable increase in activity for Sandbox and PancakeSwap (CAKE), particularly with regard to substantial transactions.
Shaking up the status quo
In an unexpected turn on Monday, whale transactions increased by significant amounts in excess of $100,000. This unexpected maneuver adds an extra layer of intrigue to the ongoing SAND saga.
These developments are in stark contrast to performance, which fell 15.3% in August.
The PancakeSwap (CAKE) token, in particular, has recently seen a spike in whale transactions of over $100K, hinting at potential progress for this well-known token. In August, CAKE’s performance showed a decline of 8.7%.