Shiba Inu (SHIB) Enters the Ranks of Whale-Favored Altcoins, Transaction Count Surges 360%

Over the past week, on-chain data has revealed a marked increase in interest from whales for Shiba Inu, positioning the altcoin among those most favored by these large investors.

On-chain data reveals a marked increase in interest from whales for Shiba Inu, placing the altcoin among those most favored by these large investors.

According to a recent report by on-chain analytics firm Santiment, the Whale Transaction Count — a metric that tracks the total number of transfers on a network valued at over $100,000 — has surged for several top altcoins. This count is a key indicator of whale entities’ activity, with higher values suggesting that these large investors are actively trading the coin. When the Whale Transaction Count is high, it indicates that the network is currently handling numerous significant transactions, implying an increased interest from whales in trading that cryptocurrency.

The latest data shows that Shiba Inu has experienced a notable boost in this metric, alongside Injective (INJ) and Wrapped Bitcoin (WBTC) on the Optimism blockchain. Specifically, the Whale Transaction Count has jumped by 455% for INJ, 420% for WBTC, and 360% for SHIB compared to one week ago. These substantial increases highlight a significant rise in large-scale transaction activity on these networks, underscoring heightened interest from whale investors.

Although several other digital assets have also seen a rise in whale activity, there is a significant disparity between the top three and the rest. Shiba Inu’s performance is particularly striking given its larger market cap compared to a smaller coin like Injective. Larger coins typically exhibit substantial whale activity, leaving limited room for percentage growth. This context makes SHIB’s 360% increase even more remarkable.

Interestingly, other prominent memecoins such as Dogecoin (DOGE) and Pepe (PEPE) are also on the list, though their Whale Transaction growth rates — 109% for DOGE and 66% for PEPE — pale in comparison to Shiba Inu’s robust surge.

It is important to note that a high Whale Transaction Count alone does not inherently indicate a bullish or bearish trend for an asset, as it encompasses both buy and sell transactions. However, a heightened count often correlates with increased volatility. In Shiba Inu’s case, the coin’s recent price surge suggests that the uptrend in whale activity may largely be driven by buying.

At the time of writing, Shiba Inu is trading at approximately $0.0000180, reflecting a gain of more than 23% over the past week. This price spike aligns with the observed increase in whale transactions, underscoring the growing interest and heightened activity surrounding the cryptocurrency.

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