Shiba Inu Whale Transaction Count Sees a Massive Surge
In a recent post on X, the on-chain analytics firm Santiment has highlighted an interesting trend in the Whale Transaction Count for several top altcoins, including Shiba Inu. The term “Whale Transaction Count” refers to an indicator that tracks the number of transfers on a given network that carry a value of at least $100,000.
Typically, transactions of this scale are associated with whale entities, so the indicator’s value provides insight into the current activity level of these large investors. When this metric is high, it means the network is experiencing a substantial number of large transactions, indicating a heightened interest from whales in trading the coin. Conversely, a low indicator value suggests that whales may not be focusing much on the cryptocurrency, as evidenced by fewer large transfers.
Top Coins by Whale Transaction Count
Below is a table that ranks digital assets with a market cap of at least $2 billion based on the latest weekly change in their Whale Transaction Count:
According to the data, Injective (INJ), Wrapped Bitcoin (WBTC) on the Optimism blockchain, and Shiba Inu (SHIB) have been the top three coins in this metric over the past week. Compared to the previous week, the indicator has increased by 455% for INJ, 420% for WBTC, and 360% for SHIB. These significant values suggest a substantial burst of activity from whales on these networks.
While the rest of the coins on this list have also seen a noticeable rise in whale activity, there is a significant gap between them and the top three. The surge in Whale Transaction Count for Shiba Inu is particularly impressive, considering that Injective is much smaller in market cap. Larger coins already tend to have significant whale activity, so the room for percentage growth is usually smaller, which may explain the absence of some popular names from the list.
Other Memecoins
Dogecoin (DOGE) and Pepe (PEPE), the other two major memecoins, are also on this list. However, Shiba Inu has outperformed them, with DOGE and PEPE witnessing Whale Transaction growths of just 109% and 66%, respectively.
It’s important to note that a high Whale Transaction Count doesn’t necessarily indicate whether the trend is bullish or bearish for an asset. This indicator only provides the total number of whale transfers without distinguishing between buy and sell moves. However, a high Whale Transaction Count often correlates with increased volatility. In Shiba Inu’s case, the recent price surge suggests that the burst of whale activity has leaned more towards buying.
SHIB Price
At the time of writing, Shiba Inu is trading around $0.0000180, which reflects a gain of more than 23% over the past week. This price increase further underscores the significant interest from whales and possibly foreshadows continued volatility and growth.
