On-chain data shows whales have ramped up their memecoin activity as Floki, Pepe, and Shiba Inu have all seen a spike in large transactions.
Memecoins Among The Coins With The Largest Whale Activity Growths
In a new post on X, on-chain analytics firm Santiment has shared the list of cryptocurrencies with a market cap of at least $500 million that have seen the largest weekly jumps in the Whale Transaction Count.
The “Whale Transaction Count” is an indicator that measures the total number of transfers occurring on a given network involving a value of more than $100,000. Transactions of this size are generally considered to reflect the activity of the whales, humongous entities who carry large amounts in their wallets.
When the value of the Whale Transaction Count rises, it means that the whales are ramping up their transfer activity. Such a trend can be a sign that interest in the asset is going up among the big-money traders. On the other hand, the indicator going down implies that the influential members of the market may be shifting their attention away from the cryptocurrency as they have reduced their on-chain participation.
Now, here is a table that shows how the major assets in the cryptocurrency sector rank against each other in terms of the percentage change in their Whale Transaction Count over the past week:
Looks like Floki on the ETH blockchain has topped the list | Source: Santiment on X
As is visible above, four tokens from the top 10 happen to be memecoins, assets that are tied to an online meme. Two of these are versions of Floki (FLOKI), with the Ethereum blockchain version topping the list with a weekly Whale Transaction Count increase of a whopping 950%, while the BNB Chain version is third with the metric sitting at 550%.
Pepe (PEPE) has come second on the ranking, with whales on the network increasing their activity by 620%. The other memecoin on the list is Shiba Inu (SHIB), ranked tenth with an indicator jump of over 111%. Given that all of these memecoins have seen a substantial increase in the Whale Transaction Count during the past week, it would appear that big-money interest in these assets has reignited.
As for what a strong rise in the metric means, it’s usually hard to say anything for certain, as the Whale Transaction Count only includes the absolute number of whale-sized moves and contains no information about whether buying or selling is dominant. In general, though, volatility can be likely to follow spikes in whale activity.
In the case of the memecoins, the jump in the indicator has coincided with sharp price surges, pointing to accumulation being dominant.
Pepe Price
Pepe has enjoyed the strongest rally out of the memecoins that have seen an uptick in whale transfers, as its price has shot up by more than 47% in the past week.
The trend in the price of the coin over the last month | Source: PEPEUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
