On-chain analytics firm Santiment has reported a significant spike in large-scale transactions for several altcoins, with memecoins leading the charge. According to data from the past week, the 'Whale Transaction Count'—which tracks transfers valued at $100,000 or more—has seen explosive growth for specific tokens, indicating a potential resurgence of interest from major investors.
The most dramatic increases were observed in memecoins. Floki Inu (FLOKI) on the Ethereum blockchain topped the list with a staggering 950% weekly increase in whale transactions. Its counterpart on the BNB Chain also saw a massive 550% rise. Pepe (PEPE) followed closely with a 620% surge, while Shiba Inu (SHIB) recorded an increase of over 111%.
Santiment's analysis, which focuses on cryptocurrencies with a market capitalization of at least $500 million, highlights that four of the top ten assets by whale activity growth are memecoins. This spike in large transactions often precedes or coincides with heightened market volatility. In this instance, the surge in whale activity has been accompanied by sharp price rallies, with PEPE's price, for example, shooting up by more than 47% in the same period.
While the Whale Transaction Count metric does not specify the direction of the trades (buying vs. selling), such a pronounced increase typically signals that whales are becoming more active, which can be a precursor to significant price movements. The data suggests that big-money traders may be re-engaging with the memecoin sector after a period of relative quiet.
