In the past week, Shiba Inu has captured the attention of crypto whales, with on-chain data revealing a significant uptick in activity.

Whale Transactions for Shiba Inu Skyrocket!

According to recent insights from on-chain analytics provider Santiment, there has been a dramatic increase in Whale Transaction Count for leading cryptocurrencies. This metric reflects the volume of network transfers exceeding $100,000, showcasing the behavior of major investors.

A noteworthy rise in this indicator signals that whale entities are becoming more active, even though a low overall count could imply that their focus on SHIB has been limited.

Recent statistics rank cryptocurrencies with a market cap of at least $2 billion based on their weekly Whale Transaction Counts. Over the last week, Injective (INJ), Wrapped Bitcoin (WBTC) on the Optimism blockchain, and Shiba Inu (SHIB) have topped the charts, boasting incredible increases of 455%, 420%, and a staggering 360% respectively. These figures highlight a substantial surge in whale activity across these networks.

While other currencies on this list have experienced a rise in whale transactions, they fall short of the remarkable gains seen in the top three. Interestingly, despite its smaller market cap, Injective's impressive Whale Transaction growth stands out, as larger cryptocurrencies often exhibit limited activity, leading to lower percentage increases.

Shiba Inu has outperformed notable rivals such as Dogecoin (DOGE) and Pepe (PEPE), which recorded Whale Transaction growths of only 109% and 66%, respectively.

It’s essential to note that while this indicator reflects the total volume of whale transfers, it does not differentiate between buying and selling. Therefore, a high Whale Transaction Count can’t definitively indicate whether the sentiment is bullish or bearish for an asset. However, a surge in whale activity usually leads to heightened volatility. Given the recent rise in Shiba Inu's price, it seems whales are leaning toward buying!

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