On-chain data shows Pepe is among the cryptocurrencies that have seen the largest week-over-week increases in the Whale Transaction Count.
Pepe Whale Transaction Count Has Witnessed A 61% Jump
In a new post on X, on-chain analytics firm Santiment has shared the top 10 list of digital assets that have seen the largest jumps in the Whale Transaction Count over the past week.
The Whale Transaction Count here refers to an indicator that keeps track of the total number of transfers occurring on a given network that involve a value of more than $100,000. Generally, only the whale entities are capable of making such large moves, so the metric represents the activity of these big-money hands.
When the value of the Whale Transaction Count rises, it means whales are ramping up their activity. Such a trend may be a sign that the large investors have increased their interest in the cryptocurrency.
On the other hand, the indicator going down suggests big-money attention may be moving away from the asset as large entities are lowering their number of transactions.
Now, here is the table shared by Santiment that shows how the assets with a minimum market cap of $500 million compare based on the weekly percentage change in the Whale Transaction Count:
Looks like Mantle topped the list this week | Source: Santiment on X
As displayed above, Mantle (MNT) was the cryptocurrency that saw the strongest jump in the Whale Transaction Count over the last seven days: an increase of 600%. The BNB version of Dai (DAI) ranked second with an indicator rise of 340%, while Maker (MKR) came third with 200%.
Another prominent coin on the list is the memecoin Pepe (PEPE), which ranks eighth with a Whale Transaction Count of more than 60%. Earlier, the asset gained popularity due to the widely-known internet frog meme it’s associated with, but lately, the coin hasn’t been making much rounds in the news. As such, it’s interesting that whale interest in the memecoin has seen a sudden spike.
In the past, whale activity spikes have tended to proceed market volatility, as these humongous entities can create ripples big enough to shake the asset. Pepe and other assets have seen some sharp price action over the past few days, so it’s possible that the elevation in whale activity could be a factor behind it.
The largest assets by market cap on the list are USDT (on Optimism) and USDC (on BNB), garnering Whale Transaction Count jumps of 58% and 57%, respectively. Investors store capital in stablecoins when they want to avoid the volatility associated with the wider market, so these spikes could correspond to big-money hands either preparing capital for deployment into Bitcoin and other volatile assets or stashing it away in safety.
Pepe Price
At the time of writing, Pepe is floating around $0.00000334, down 3% in the last 24 hours.
The price of the memecoin seems to have pulled back over the last few days | Source: PEPEUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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