Shiba Inu (SHIB) flips Avalanche amid amplified whale transactions

The crypto market flashed bearish signals as Bitcoin (BTC) dipped on Mt. Gox’s developments.

That saw the altcoin market retreating. Nonetheless, Shiba Inu (SHIB) defied the odds as it climbed to overtake Avalanche (AVAX) by market capitalization.

SHIB ranks 11th with $14.96 billion in market cap, whereas Avalanche has the same metric at $14.59 billion.

The memecoin gained 0.12% over the past day, while AVAX lost 0.51% on its daily price chart.

Meanwhile, the weekly performance dented Avalanche’s valuation, losing nearly 10%, while SHIB lost 2.50% within the past seven days.

While a minor jump through the rank may not necessarily affect the token’s community, it relatively renews investor sentiment.

SHIB whale transactions up 290%

IntoTheBlock data shows Shiba Inu’s large-scale transactions jumped to 3.57 trillion $SHIB from 1.23 trillion $SHIB over the past day.

That translated to a volume increase from $29.93M to $91.04M in dollar terms – a 290% uptick.

While 268 whale deals contributed to the 24-hour metric surge, IntoTheBlock considered transactions worth over $100,000.