SHIB, XRP, SAND, and CAKE see a rise in whale activity

• Santiment reports increased whale activity for SHIB, XRP, SAND, and CAKE.
• SHIB sustained 8.6% growth in August despite a recent 6% downturn.
• XRP’s value declined by 2% despite increased whale activity.

Market intelligence platform, Santiment, has reported a surge in whale activity for Shiba Inu , Ripple , The Sandbox , and PancakeSwap via a recent Twitter post. This uptick is a response to the recent downturn in the cryptocurrency market, with these high-volume traders seizing the opportunity to acquire assets at reduced prices.

Santiment has highlighted a significant increase in transaction volumes for SHIB, the popular meme cryptocurrency, with individual transactions exceeding $1 million. It’s clear from the data that several substantial wallets are executing large-scale trades, particularly in line with the recent price drops. This trend was also observed among other meme cryptocurrencies at the beginning of August, indicating a broader market movement.

Despite experiencing a correction to more sustainable levels, SHIB has successfully sustained an 8.6% growth throughout August thus far. Conversely, data from CoinMarketCap reveals that SHIB’s price experienced a downturn of over 6% during the most recent trading day.

Several years back, SAND was a lower market cap asset that garnered substantial momentum during a robust period in the cryptocurrency market. However, in recent months, the project has encountered more pronounced downturns than other altcoins. In August alone, SAND saw a contraction of 15.3%.

On Monday, it’s important to highlight a notable increase in significant whale activity, with transactions surpassing $100,000. In terms of its performance over the last 24 hours, data from CoinMarketCap indicates a 1.66% decrease in the price of SAND, positioning the altcoin at a trading value of $0.3604.

XRP experienced a significant summer, demonstrating resilience following the SEC lawsuit verdict, which confirmed it is not a security. Although it peaked at over $0.83, its market capitalization fell below $0.59. Currently, XRP has seen a decrease of 16.8% in August. However, heightened whale activity suggests possible accumulation, as per data from Santiment.

Over the last 24 hours, XRP has experienced a value decline of over 2%. Consequently, the cross-border payment token was trading around $0.5903 at the reporting time.

Following the bullish trend of 2021, CAKE’s momentum has somewhat decelerated, though the digital asset still witnesses sporadic price spikes occasionally. The cryptocurrency faced a challenging period in August, with its value experiencing an 8.7% downturn.

On a positive note, data from Santiment indicates a fortnightly high in whale transactions exceeding $100,000 for CAKE. However, in the last 24 hours, the altcoin experienced a 1.89% decrease in its price. Consequently, CAKE was being exchanged at a rate of $1.42.