Bitcoin and altcoin projects are experiencing a temporary pullback. On the other hand, Santiment’s data highlights increased whale activity in certain altcoins. It also points to potential strategic accumulation during the market pullback. Let’s look at the details.
Altcoin whales seize opportunity amid market recovery
The cryptocurrency market has been witnessing a slight downturn recently, characterized by Bitcoin falling below $29,000 and the altcoin world facing 2% to 5% declines. Santiment’s views, on the other hand, reveal an opposite trend. Notably, some altcoin projects are attracting increased whale activity during this market correction.
🐳 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
Amid the market pullback, Santiment has identified four altcoins that have sparked notable whale interest. These are in the form of Shiba Inu (SHIB), XRP, Sandbox (SAND) and Pancake (CAKE). These altcoins have experienced price fluctuations. Whales, on the other hand, seem to be taking advantage of these dips to accumulate position.
Shiba Inu (SHIB) and SAND whale interest
Santiment highlights the Shiba Inu. It is especially seeing an increase in transactions involving significant amounts in the $1 million or higher range. The price drop of altcoin SHIB, one of the major meme coins that received a lot of attention in early August, coincided with significant whale transactions. On the other hand, this shows that strategic maneuvers were made in the middle of the price fluctuation.
SAND has taken an unexpected turn despite experiencing more significant drops compared to other altcoins in recent months. Santiment highlights a significant increase in whale transactions, exceeding $100,000. He also notes that there is probably a renewed interest in accumulating SAND tokens at this market stage.
Altcoin XRP and CAKE trading
XRP, which gained importance after the SEC’s lawsuit decision, is experiencing price fluctuations. Santiment notes that there is a resurgence in whale activity despite the price dropping from its peak. On the other hand, it indicates a potential accumulation phase for the altcoin XRP.
Pancake Swap is facing waning interest after the 2021 crypto bull run. Accordingly, it continues to attract the attention of investors. Santiment’s data points to a recent spike in the whale trade, which includes transactions in excess of $100,000. On the other hand, it shows CAKE to a two-week high.
Market forecasts amid uncertainty
The strategic accumulation of these altcoins by whales amid market volatility underlines the complex dynamics in the crypto space. As the price of Bitcoin and altcoins experience temporary declines, whales are seizing the opportunity to accumulate positions in certain altcoins. On the other hand, potentially positioning themselves for future price rallies is also among the comments.
cryptocoin.com Taken as a whole, Santiment’s views offer a glimpse into the whales’ strategic moves during market corrections. Certain tokens such as SHIB, XRP, SAND and CAKE have whale movements while altcoins are experiencing price drops. This indicates a strategic intent among whales to capitalize on the ups and downs of the market.
