Shibi Inu Leads Whale Frenzy: Large SHIB Transfers Soar 360%
Altcoins like Shiba Inu have seen whale interest rise in the previous week, according to on-chain statistics.
Shiba Inu Whale Transactions Just Skyrocketed
On-chain analytics outfit Santiment examined the pattern in Whale Transaction Count for prominent cryptocurrencies in a recent X article. The âWhale Transaction Countâ indicates the number of network transfers worth at least $100,000.
This indicator shows whale entity activity since huge investors usually make these transactions.
However, the low indication suggests whales may not be paying much attention to the coin since they are not transferring much.
This table ranks digital assets with at least a $2 billion market value by their latest weekly Whale Transaction Count:
Over the previous week, Injective (INJ), Wrapped Bitcoin (WBTC) on the Optimism blockchain, and Shiba Inu (SHIB) ranked first in this statistic. INJ, WBTC, and SHIB are up 455%, 420%, and 360% from a week ago. These results are all substantial, indicating a massive whale activity surge on these networks.
The remainder of the currencies on this list have also seen whale activity surge during this timeframe, although they are well behind the top three. Even while Injective has a lesser market valuation than Shiba Inu, its Whale Transaction Count increase may be the most remarkable. Large currencies usually have little activity, thus percentage increase is limited, which may explain why some prominent names are missing.
Shiba Inu has outperformed Dogecoin (DOGE) and Pepe (PEPE), which have only had Whale Transaction growths of 109% and 66%, respectively.
Since the indicator only shows the overall number of whale transfers and not the split between buy and sell movements, it's impossible to conclude if a high indication is bullish or bearish for an asset.
However, a high Whale Transaction Count typically indicates increased volatility. Shiba Inu's coin price has risen lately, suggesting that whale activity has been purchasing.
