As a seasoned crypto investor with a penchant for memecoins and a knack for spotting trends, this recent surge in Shiba Inu’s Whale Transaction Count has piqued my interest. I’ve been around long enough to remember the Dogecoin craze of 2021, and while it’s not fair to compare the two, Shibarium’s meteoric rise is undeniably intriguing.
Over the last seven days, there has been a significant surge in attention from large investors (whales) towards the cryptocurrency Shiba Inu, as indicated by on-chain data.
Shiba Inu Whale Transaction Count Has Just Seen A Massive Surge
In their latest update on platform X, Santiment – a leading analytics firm in the crypto space – has delved into the recent pattern observed in the number of large transactions involving major altcoins. The term “Whale Transaction Count” signifies an index that monitors the total number of transfers worth over $100,000 taking place on a specific network.
In simpler terms, when this indicator has a high value, it suggests that the network is currently processing a significant number of large transactions – a sign often linked to ‘whale’ investors. This means that these big investors are actively involved in trading the cryptocurrency at this moment.
Alternatively, a low indicator suggests that whales might not be heavily invested or actively trading cryptocurrencies because they’re not conducting numerous transactions.
Here’s a table displaying the digital assets with a minimum market cap of $2 billion, ranked by their recent weekly transaction count changes among large investors (whales):
Over the last week, Injective (INJ), Wrapped Bitcoin (WBBC) on Optimism, and Shiba Inu (SHIB) have been leading the pack in terms of their respective metrics. When compared to a week ago, we’ve seen an impressive increase: INJ is up 455%, WBBC is up 420%, and SHIB has climbed 360%. These substantial rises hint at a massive surge in whale activity across these networks.
The remaining coins on the list have seen an upsurge in whale involvement as well, yet there’s a substantial difference between them and the top three. Interestingly, Shiba Inu might not be leading, but its rise in Whale Transaction Count is particularly striking. This is worth noting because Injective, being smaller in market cap, demonstrates less activity generally. Larger coins often have considerable whale activity, so their percentage growth potential can be limited, possibly explaining the absence of some well-known coins on the list.
Among the three prominent meme coins, namely Dogecoin (DOGE) and Pepe (PEPE, along with Shiba Inu), it’s Shiba Inu that has significantly outperformed its peers. While both Dogecoin and Pepe have seen Whale Transaction growth of 109% and 66% respectively, Shiba Inu has left them far behind in terms of growth.
Typically, a high indicator value doesn’t necessarily suggest if it’s a bullish or bearish sign for an asset, as it merely indicates the frequency of large transactions, but it does not provide information on whether those transfers were mainly buys or sells.
It’s worth noting that a high number of Whale Transactions often goes hand in hand with increased volatility. For Shiba Inu, its recent price increase suggests that these large investors (whales) have predominantly been buying the coin up to this point.
SHIB Price
Currently, at the moment I’m typing this, the price of Shiba Inu stands approximately at $0.0000180, and it has increased by over 23% during the last seven days.
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2024-10-02 07:17