Ethereum News Today: Crypto Whales Buy Meme Coins Ethereum Mantle After August Dip

During the market correction in August, crypto whales demonstrated strategic buying behavior, accumulating assets in meme coins, Ethereum, and Ethereum Layer 2 networks like Mantle. This activity suggests that large investors viewed the dip as a tactical opportunity rather than a sign of long-term pessimism.

Meme coins attracted significant attention, particularly BONK, which saw over $600,000 in smart money inflows within 24 hours [1]. This surge occurred as BONK corrected from a July high of nearly $0.00004 to around $0.000023 in early August [2]. The LetsBonk.Fun platform, linked to BONK, appears to have played a key role in reigniting interest in the token, echoing the earlier success of Useless Coin (USELESS) on Solana [3].

Ethereum also gained traction during the dip, with one whale acquiring over 101,131 ETH—valued at approximately $350 million—through multiple exchanges including FalconX, Galaxy Digital, and BitGo [4]. This move reflects a growing preference for Ethereum, which saw a nearly 50% rally in July, outperforming Bitcoin, which remained relatively flat during the same period [5]. The volume of Ethereum trades reached $211 billion by August 6, compared to $288 billion for Bitcoin, indicating a narrowing gap between the two leading cryptocurrencies [6].

Meanwhile, Mantle (MNT), an Ethereum Layer 2 solution, showed signs of resurgence. Its token price increased by nearly 68% in July, reaching $0.94 by August 6 [7]. Network metrics, including active user growth and transaction volume, also improved, with Mantle outpacing its competitor Arbitrum in user acquisition [8]. Additionally, the stablecoin market cap on Mantle grew by 22.85% in a week, reaching $653.51 million, signaling renewed investor confidence [9]. Prominent industry figures, such as Bybit’s Ben Zhou, have also highlighted Mantle’s potential, further drawing attention to the project [10].

These moves by crypto whales suggest a broader shift in capital allocation, with investors favoring high-growth potential assets amid macroeconomic uncertainty. However, whether these positions will deliver returns remains to be seen, as the market continues to navigate volatility and evolving macroeconomic signals.

Source: [1] What Crypto Whales Bought After the August Dip (https://cryptonews.com/exclusives/what-crypto-whales-bought-after-the-august-dip/)