SHIB Transactions Worth $1 Million Soar in Number as Shibarium Launches

Santiment blockchain data company has issued an X post, stating that SHIB, XRP and two other cryptocurrency projects have seen major rises in the transaction activity of whales.

Whales seem to have become more active regarding these four coins, especially Shiba Inu — now that Shibarium has been launched — and XRP.

🐳 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

SHIB wallets making $1 million transactions

Per data shared by Santiment, whales have become more active "as they attempt to capitalize on discount prices" of Shiba Inu and other digital currencies.

A detailed report on Shiba Inu shows that this leading meme cryptocurrency is now seeing a soaring number of transfers that are valued at $1 million or higher. During the first half of August, SHIB saw a massive rally, and now the price dropped sharply after Shytoshi Kusama's speech at the Blockchain Futurist Conference on Aug. 15 and the long-awaited release of Shibarium on mainnet.

After a 4.70% rise on Aug. 15, SHIB has since then plunged by 13.73%, now trading at $0.00000917. Overall, since Aug. 12, the coin's decline has constituted a whopping 18.04%.

Whales have begun purchasing SHIB in massive amounts. So far, after all the rises and falls, the SHIB price is up 8.6% in August, according to Santiment data.

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XRP whales awakening to make big buys

Santiment also stated that XRP whales have begun to accumulate this Ripple-affiliated token in gigantic amounts after the price dropped back under the $0.59 level. This accumulation could be the one that was "long-awaited," per Santiment.

This decline followed the price surge to $0.83 after Ripple Labs partly won in court against the SEC, and Ripple's XRP sales on the secondary market were classified as nonsecurities.

Still, XRP sales to financial institutions were ruled to be securities, and now the SEC is filing an appeal on the decision of Judge Analisa Torres.

So far, in August, Santiment summarizes, XRP has declined by 16.8% overall.

Apart from SHIB and XRP, whales are also actively purchasing SAND and CAKE coins, which are trading at a discount now.