On-chain data shows Shiba Inu is among the altcoins that have enjoyed a sharp uptick in interest from the whales over the past week.
Shiba Inu Whale Transaction Count Has Just Seen A Massive Surge
In a new on X, the on-chain analytics firm Santiment has discussed about the trend in the Whale Transaction Count for various top altcoins. The “Whale Transaction Count” here refers to an indicator that keeps track of the total amount of transfers happening on a given network that are carrying a value of at least $100,000.
Transactions of this scale are typically associated with the whale entities, so this indicator’s value tells us about what the activity from these large investors is like at the moment. When the value of this metric is high, it means the network is handling a high number of large transactions right now. Such a trend implies the whales have an active interest in trading the coin.
On the other hand, the indicator being low implies the whales may not be paying much attention to the cryptocurrency as they are not making too many transfers.
Now, here is a table that shows the ranking of the digital assets with at least a $2 billion market cap based on the latest weekly change in their Whale Transaction Count:
As is visible above, Injective (INJ), Wrapped Bitcoin (WBTC) on the Optimism blockchain, and Shiba Inu (SHIB) have been the top three coins in terms of this metric over the past week. Compared to one week ago, the indicator is up 455% for INJ, 420% for WBTC, and 360% for SHIB. These values are all clearly very significant, suggesting that the whales have shown a huge burst of activity on these networks.
The rest of the coins on this list have also enjoyed a notable increase in whale activity during this window, but there is a large gap between them and the top three. While Shiba Inu isn’t number one, its surge in the Whale Transaction Count may still be the most impressive, considering that a coin like Injective is much smaller in market cap. Large coins generally already have significant whale activity, so room for percentage growth tends to be relatively small, which may be why some of the popular names are absent from the list.
The other two major memecoins, Dogecoin (DOGE) and Pepe (PEPE), are also present on this list, but Shiba Inu has left them in the dust as they have only witnessed Whale Transaction growths of 109% and 66%.
Generally, it’s hard to say anything about whether the indicator being high is bullish or bearish for an asset, since it only tells us about the total number of whale transfers and nothing about the split between buy and sell moves.
That said, the Whale Transaction Count being high does usually correspond to higher volatility. In Shiba Inu’s case, the coin’s price has surged recently, implying that the burst of whale activity may have been tending towards buying so far.
SHIB Price
At the time of writing, Shiba Inu is trading around $0.0000180, up more than 23% over the past week.
Featured image from Dall-E, Santiment.net, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
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