Which Cryptocurrencies Were Whales Buying During the August Slump

Macroeconomic events related to trade tensions around the world have had a negative impact on financial markets.

In particular, the price of Bitcoin (BTC) dropped to the beginning of the $112,000 range, and it was followed not only by эфириум (ETH), but also the entire altcoin market.

Researcher Quinten noted that during the downturn crypto whales were very selective in selecting assets for investment.

Despite this, summer has become the unofficial season of meme coins. After the explosive growth of meme coins on Solana, released on LetsBonk.Fun, major players took notice of them.

The growth of the LetsBonk.Fun ecosystem mirrored the dynamics of the BONK token. In July, BONK rose to $0,00004, up about 200% in a month. But by early August, its price had corrected to $0,000023, down about 40% from its peak.

Data: TradingView

On-chain data shows that whales took advantage of the drop to accumulate BONK. The rise of LetsBonk.Fun appears to have breathed new life into the meme coin. On August 5 alone, over $600,000 in smart money was poured into BONK.

Nevertheless Bitcoin remains a long-standing favorite of crypto whales, especially with companies like Strategy regularly buying BTC. Capital has also been pouring into the largest Altcoyin Ethereum (ETH).

According to Token Terminal, as of August 6, BTC trading volume was $288 billion, and ETH — $211 billion. In July Ethereum grew by almost 50%, while Bitcoin remained at the same level, which casts doubt on the possibility of redistributing capital in other areas.

Data Token Bus Terminal

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