Shiba Inu, the popular cryptocurrency, has recently witnessed a surge in whale activity, with large SHIB transfers experiencing a massive 360% spike. This is evident from on-chain data analyzed by Santiment, an on-chain analytics firm. The Whale Transaction Count, which tracks the total number of transfers carrying a value of at least $100,000, has seen a significant increase for several altcoins, including Shiba Inu.
When the Whale Transaction Count is high, it indicates a high number of large transactions and suggests active trading by whale investors. Conversely, a low count implies subdued whale activity. Injective (INJ), Wrapped Bitcoin (WBTC) on the Optimism blockchain, and Shiba Inu (SHIB) have been the top three coins in terms of this metric. SHIB has witnessed a remarkable 360% increase in the Whale Transaction Count, highlighting substantial whale interest in the coin.
While other coins on the list have also experienced increased whale activity, the margin between them and the top three is significant. Shiba Inu’s surge is particularly noteworthy due to its comparatively smaller market cap when compared to coins like Injective. Interestingly, Dogecoin (DOGE) and Pepe (PEPE), two other popular memecoins, have also witnessed whale transaction growth, but they fall behind Shiba Inu in terms of percentage growth.
While it is challenging to determine whether a high Whale Transaction Count is bullish or bearish for an asset, it often correlates with increased volatility. In the case of Shiba Inu, the recent surge in its price suggests that the burst of whale activity may have inclined towards buying. Currently, SHIB is trading at around $0.0000180, representing a more than 23% increase in the past week.
Overall, Shiba Inu’s surge in whale activity indicates growing interest and potential market dynamics for this popular altcoin.