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As the coin continues to survive low pricing, blockchain analytics company Santiment reports that XRP whales printed a three-month high in network activity. The company claims that the number of transactions on the XRP ledger over $100,000 unexpectedly increased to levels not seen since May.
In Friday’s final trading hours, XRP is experiencing substantial whale activity as well as high optimism. Since May 13th, we have seen a rise in XRP transactions for $100,000 or more. Additionally, attitudes are at their highest point since April.
Santiment further claims that on Friday, as liquidations erupted in the cryptocurrency exchanges, the term “rekt,” a satirical misspelling of “wrecked” frequently used to characterize traders experiencing significant losses, skyrocketed over social media.
Rekt has been on the rise in the cryptocurrency world as long liquidations were ample to conclude the week. Chaos resulted from Bitcoin’s decline below $20,800 and Ethereum’s drop to the low $1,600s as traders rode the upward price trend since late June.
The analytics company is also interested in Shiba Inu and Dogecoin (DOGE), two of its rivals (SHIB). Santiment claims that due to the simultaneous explosion of massive transactions, the peak of the rallies in the DOGE and SHIB markets were mostly sold by whales.
Dogecoin (DOGE) and Shiba Inu (SHIB) both underwent significant price drops following their respective Tuesday and Sunday highs. As is frequently the case, as the whales’ big transactions exploded on each network, they previewed the optimal profit-taking times.
Both popular meme cryptocurrencies are on their way to more valuable ecosystems while providing utilities. Shiba Inu community, Shibarmy decided to aggressively burn the canine cryptocurrency in order to reduce its massive current supply. Also the upcoming metaverse project is also down the line, which holds the possibility of bringing more value to the ecosystem.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
