Shiba Inu ( #shiba⚡ ) is gaining the attention of large investors, known as whales, who have significantly increased their transactions with this popular altcoin over the past week. Data shows that Shiba Inu is experiencing a sharp rise in activity among big players in the cryptocurrency market.

Dramatic Increase in Whale Transactions for Shiba Inu

According to the analytics company Santiment, the number of whale transactions—those exceeding $100,000—has seen a significant spike for Shiba Inu. This indicator reflects the activity of large investors trading in substantial volumes. High values of this indicator suggest a growing interest in Shiba Inu from these major players.

Shiba Inu currently appears to be near the top of the list | Source: Santiment on X

Alongside Shiba Inu ( $SHIB ), other altcoins such as Injective (INJ), which saw a 455% increase, and Wrapped Bitcoin (#WBTC ) on the Optimism blockchain, with a 420% rise, have also experienced similar whale activity. With a 360% increase, Shiba Inu ranks among the top #Cryptocurrencies seeing this surge in whale transactions.

Shiba Inu Outpacing the Competition

Although Shiba Inu isn't leading in the total number of whale transactions, its growth is particularly impressive compared to smaller cryptocurrencies like Injective. Larger cryptocurrencies, such as Shiba Inu, typically have less room for percentage growth, making this 360% rise even more notable.

Other notable memecoins like Dogecoin (#doge⚡ ) and Pepe (#pepe⚡ ) are also on the list of rising whale activity, but Shiba Inu has left them behind. Dogecoin saw a 109% increase in whale transactions, while Pepe only experienced a 66% rise.

Increased Volatility and SHIB Price Growth

While a high number of whale transactions doesn't necessarily reveal whether they are buying or selling, it's generally understood that increased whale activity leads to greater price volatility. In the case of Shiba Inu, the coin's price has surged recently, suggesting that whale activity has likely been driven by buying.

Current Price of Shiba Inu
At the time of writing, Shiba Inu is trading around $0.0000180, representing a more than 23% increase over the past week.

The price of the coin seems to have seen a sharp jump recently | Source: SHIBUSDT on TradingView



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