Following the Whale While Others Fail
Market caps have really started to sink here in August after optimism from the June ETF announcements have gradually diminished. But as tough as it is to swallow, the savvy traders and big key stakeholders out there are always salivating when prices start to fall off a cliff.
In this insight, we're focusing on four projects that you likely haven't been thinking about that our data indicates you may want to have on your radar. Why? Because they are seeing some major whale activity that could indicate they could have some nice rebounds if and when crypto starts to stabilize again.
Note that major whale transaction spikes don't automatically indicate that these big wallets are accumulating. But generally, in this climate, whales don't just dump after a -20 to -30% price falloff. Regardless, let's get into it. Below are the assets with big whale activity you should take note of:
Shiba Inu ($SHIB)
Shiba Inu is seeing an increased amount of transactions valued at $1M or more, in particular. As one of the memecoins that was enjoying a heavy rally during the first half of August, it appears that many large wallets are making big transactions as the prices has fallen back down to earth. SHIB is +8.6% thus far in August.
The Sandbox has been one of the smaller cap assets that came out of the gates very hot back when it was introduced a couple years ago, while the crypto sector was quite a bit healthier. However, particularly over the past couple months, the project has been hammered down a lot more than most altcoins. But on Monday, we suddenly have seen a very notable increase in $100K+ whale transactions. SAND is -15.3% thus far in August.
XRP Network ($XRP)
XRP was one of the great stories of the summer after the SEC's lawsuit against Ripple was unsuccessful, and the US deemed the asset a non-security. However, following the price soaring above $0.83, the popular project's market value has dried up and fallen back below $0.59. With all of this said, whales have just started to become very active once again, and this could very well be the accumulation that has been long awaited. XRP is -16.8% thus far in August.
Pancake Swap ($CAKE)
Pancake Swap has lost quite a bit of its luster since crypto's bull run came to a stop in late 2021. But the project is still around and kicking, with occasional price surges and significant volatility that some thrillseeking traders enjoy. The asset just saw a 2-week high in $100K+ whale transactions today, and there could be something brewing for everyone's favorite dessert coin. CAKE is -8.7% thus far in August.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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