PEPE Whale Activity Jumps 60%, Among Highest In Market

On-chain data shows Pepe is among the cryptocurrencies that have seen the largest week-over-week increases in the Whale Transaction Count.

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:

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.