On-chain data shows that Pepe is among the cryptocurrencies that have seen the largest week-to-week increase in Whale Transaction Count.
Pepe Whale Transaction Count Witnessed a 61% Jump.
In a new post on X, on-chain analytics company Santiment shared a list of the top 10 digital assets that saw the biggest jump in Whale Transaction Count in the past week.
Whale Transaction Count here refers to an index that tracks the total number of transfers that occur on a particular network involving a value greater than $100,000. Usually, only whale organizations are capable of making such big moves, so the metric represents the work of these big money hands.
If the value of the Whale Transaction Count increases, it means that the whales are increasing their activity. Such a trend may be a sign that large investors have increased their interest in cryptocurrency.
On the other hand, a declining index suggests that capital’s attention may shift away from assets as large businesses reduce their number of jobs.
Now, here’s a table shared by Santiment that shows how assets with a minimum market value 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 shown above, Mantle (MNT) was the cryptocurrency that saw the strongest jump in the Whale Transaction Count over the past seven days: a 600% increase. The BNB version of Dai (DAI) ranked second with an index increase of 340%, while Menzi (MKR) came in third with 200%.
Another prominent coin on the list is memecoin Pepe (PEPE), which is ranked eighth with a Whale Transaction Count of over 60%. In the past, this asset gained popularity due to the widely known frog internet meme associated with it, but lately, the coin has not made much news. So, it is interesting that whale interest in memecoin has seen a sudden spike.
In the past, spikes in whale activity have often continued with market volatility, as these ridiculous movements can create ripples large enough to shake assets. Pepe and other commodities have seen sharp price action over the past few days, so it’s possible that a surge in whale activity could be the cause.
The largest assets by market capitalization on the list are USDT (on Optimism) and USDC (on BNB), experiencing Whale Transaction Count jumps of 58% and 57%, respectively. Investors keep a lot of money in stablecoins if they want to avoid the volatility associated with the broader market, so these pins can accompany the hands of big money or prepare money to be sent to Bitcoin and other volatile assets or hide it safely.
Pepe Price
At the time of writing, Pepe is rounding $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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