Significant Increases in SHIB Transfers Experience Massive 360% Surge

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Recent on-chain data reveals that Shiba Inu is one of the altcoins that has experienced a significant increase in interest from whales over the past week.

Insights into the Surge in Shiba Inu Whale Transactions

In a recent post on X, the on-chain analytics firm Santiment delves into the trend of Whale Transaction Counts for various top altcoins. The term “Whale Transaction Count” refers to an indicator that monitors the total number of transfers on a specific network carrying a value of at least $100,000.

Transactions of this magnitude are typically associated with whale entities, providing valuable insights into the activities of large investors. A high value of this indicator indicates a surge in large transactions on the network, reflecting active engagement from whales in trading the coin. Conversely, a low indicator suggests reduced attention from whales towards the cryptocurrency, as fewer transfers are being made.

Presented below is a table ranking digital assets with a market cap of at least $2 billion based on the weekly change in their Whale Transaction Counts:

Injective (INJ), Wrapped Bitcoin (WBTC) on the Optimism blockchain, and Shiba Inu (SHIB) have emerged as the top three coins in terms of Whale Transaction Counts over the past week. INJ has seen a 455% increase, WBTC a 420% increase, and SHIB a 360% increase compared to one week ago. These significant percentages suggest a flurry of whale activity on these networks.

While other coins on the list have also witnessed increased whale activity, the gap between them and the top three is noticeable. Despite not taking the top spot, Shiba Inu’s surge in Whale Transaction Count is particularly impressive, especially when compared to smaller market cap coins like Injective.

Although Dogecoin (DOGE) and Pepe (PEPE) are on the list, Shiba Inu has shown significant growth with a 360% increase in Whale Transactions, overshadowing DOGE’s 109% and PEPE’s 66% growth.

It is important to note that a high Whale Transaction Count does not necessarily indicate bullish or bearish sentiment for an asset, as it only reflects the total number of whale transfers without detailing buy or sell actions.

That being said, a high Whale Transaction Count typically correlates with increased volatility. In the case of Shiba Inu, the recent surge in price suggests that the active whale activity may be leaning towards buying pressure.