On-chain data reveals Shiba Inu is among the altcoins experiencing a sharp increase in interest from whales over the past week. According to the on-chain analytics firm Santiment, the Whale Transaction Count for various top altcoins has seen notable changes. This indicator tracks transfers on a given network with values of at least $100,000, often linked to whale entities. A high metric value indicates intense trading interest from large investors, while a low metric suggests limited whale activity.
Santiment’s latest data shows that among digital assets with a market cap of at least $2 billion, Injective (INJ), Wrapped Bitcoin (WBTC) on the Optimism blockchain, and Shiba Inu (SHIB) have seen the greatest increases in Whale Transaction Count over the past week. INJ’s count surged by 455%, WBTC by 420%, and SHIB by 360%. These substantial percentages highlight a significant burst in whale activity.
While a number of other coins have also experienced a rise in whale transactions, the gap between the top three and the rest is significant. Notably, Shiba Inu’s performance stands out given its larger market cap compared to Injective, which typically sees limited room for percentage growth due to pre-existing high whale activity. This context makes Shiba Inu’s surge particularly impressive.
Other major memecoins like Dogecoin (DOGE) and Pepe (PEPE) are also part of this list, though their Whale Transaction growths, at 109% and 66% respectively, are modest compared to Shiba Inu. While the high Whale Transaction Count doesn’t inherently signal bullish or bearish trends, it usually correlates with increased market volatility. In Shiba Inu’s case, a recent price surge suggests the whale activity has leaned towards buying.
Currently, Shiba Inu trades around $0.0000180, marking a more than 23% increase over the past week and reflecting a sharp upward trend.
