Key Takeaways:
Crypto whales moved fast during the August dip, pouring over $600,000 into meme coins like BONK as prices tumbled.
Ethereum saw renewed interest, with one whale scooping up over 101,000 ETH — about $350 million buy.
Mantle made a quiet comeback, with its token up 68% and user activity soaring past Arbitrum, drawing attention from smart money.
Tariffs are back on the table, U.S. macro data is weakening, and even unemployment figures are being called into question — together, this sparked a storm across global markets.
Bitcoin (BTC) dropped below the $115,000 support zone, and some analysts now warn the price could fall under $110,000. Ethereum (ETH) is still holding above $3,500, likely supported by its strong July performance. While some investors are staying cautious, others are treating the recent dip as an opportunity to buy at a discount.
Crypto researcher Quinten called it “the most aggressive pace” whales have shown in recent market activity. But smart money didn’t rush into everything. This article breaks down which assets attracted crypto whales during the August correction.
Crypto Whales Turn to Meme Сoins
This summer turned into an unofficial meme coin season. Following the explosive rise of Useless Coin (USELESS), a meme coin on Solana, launched through LetsBonk.Fun, large players started paying attention. USELESS became a symbol of the Pump.Fun vs LetsBonk.Fun rivalry — and LetsBonk.Fun even surpassed its competitor in volume, revenue, and other metrics. As its name suggests, LetsBonk.Fun traces its roots to the older meme coin Bonk (BONK).
The growth of the LetsBonk.Fun ecosystem mirrored BONK’s performance. In July, BONK surged to nearly $0.00004, gaining around 200% in one month. But by early August, the price had corrected back to $0.000023 — a roughly 40% decline from the peak.
Source: TradingView
On-chain data shows that whales used this drop to accumulate BONK. The expansion of LetsBonk.Fun seems to have injected fresh optimism into the meme coin. On Aug. 5 alone, over $600,000 in smart money flowed into BONK.
Ethereum vs. Bitcoin: Where Is Smart Capital Going?
Bitcoin remains a long-time favorite among crypto whales, especially with companies like MicroStrategy making regular BTC purchases. But Ethereum’s July rally seems to have shifted the narrative — at least slightly.
Both BTC and ETH experienced corrections, and ETF flows suggest investors are cautious. Still, their trading volumes are closer than expected. Bitcoin still leads, due to its larger market cap, but not by much.
As of Aug. 6, BTC’s trading volume stood at $288 billion, while ETH reached $211 billion, according to Token Terminal. Ethereum gained nearly 50% in July, while Bitcoin stayed flat — raising the question of whether capital is starting to rotate elsewhere.
Source: Token Terminal
One whale, for example, accumulated 101,131 ETH during the dip — worth over $350 million at current prices.
Mantle’s Return?
Mantle (MNT), an Ethereum Layer 2 network, is making a comeback. After a quiet stretch, both the project and its native token are back in the spotlight. MNT was launched in 2023 and has seen a few sharp rallies, followed by corrections. But in July, the price jumped from $0.56 to $0.94 by Aug. 6 — a gain of roughly 68%.
Network metrics also point to increased activity. According to Nansen, Mantle ranked second in active user growth over the past 30 days. Both transaction volume and network fees rose, signaling renewed usage. Mantle even outperformed its competitor Arbitrum (ARB) in user growth, though both posted similar fee volumes.
This could suggest that Ethereum L2s are finally getting the investor attention they’ve been waiting for.
Prominent figures in crypto are also promoting Mantle. One example is Ben Zhou, co-founder and CEO of Bybit.
In addition, Mantle’s stablecoin market cap is rising — another sign of capital inflows.
Conclusion
Crypto whales didn’t sit out the August dip — they acted. From meme coins to Layer 2 plays and ETH accumulation, whales made bold bets. While retail investors hesitated, larger players seemed to treat this correction as a buying opportunity. The question now is whether those moves will pay off — or if more turbulence lies ahead.
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