The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →The available reports do not establish a definitive list of cryptocurrencies whales bought in Q4 2024 instead of Shiba Inu or Dogecoin. They show different things: Santiment described broad whale accumulation in a November market snapshot, while its later reports tracked large transfers to exchanges—activity that can be consistent with selling. Kaiko reported trading volume, which measures turnover rather than whale net buying.
What the Q4 reports show
The evidence offers historical snapshots, not a comparable, quarter-wide ranking of whale purchases. Each figure needs to be read in the context of what its publisher measured.
- Santiment, November 25, 2024: Its weekly analysis described persistent whale accumulation during a strong market period, with activity spanning layer-1 and layer-2 projects, meme coins, AI, and NFTs. It did not identify one universal list of Q4 whale buys or establish that whales were buying those categories instead of SHIB or DOGE.
- Kaiko, Q4 2024 report: Kaiko reported $362 billion in altcoin weekly trading volume in early December. It also reported Q4 trading volumes of $333 billion for XRP, $312 billion for DOGE, $238 billion for SOL, and $121 billion for PEPE. These are trading-volume figures, not measurements of whale accumulation. DOGE appears in the figures; the reported data do not establish the title’s contrast with SHIB.
- Santiment, December 2, 2024: Its exchange-transfer snapshot included EigenLayer ($2.8 million), Ethena ($2.5 million), Worldcoin ($2.0 million), Wrapped Bitcoin ($4.8 million), Pepe ($3.0 million), and Chainlink ($1.8 million). Santiment noted that moving a large amount of an asset to exchanges can indicate an intent to sell a portion of holdings. These deposit values are not evidence that whales were accumulating those assets.
- Santiment, November 21, 2024: The publication described Ethereum whale deposits to centralized exchanges on a day when altcoins were growing. That example likewise shows why a large-wallet transaction should not automatically be labeled a buy.
Why trading volume is not the same as whale buying
Trading volume counts the value of transactions over a period. It can be high when buyers and sellers are both active, and it does not reveal whether large holders ended the period with more or fewer tokens. A high-volume asset may attract attention without showing net accumulation by any defined whale cohort.
To support a claim that whales bought an asset, a report needs to state what it counts as a whale, which chain and token it tracks, the dates covered, and the measure used. A change in the cohort’s token balances or a clearly defined net-flow measure is more directly relevant to accumulation than trading volume alone. Even then, the result describes the selected wallets and period; it is not proof of motive or a forecast.
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How to interpret large transfers to exchanges
A large transfer to a centralized exchange is a movement of assets, not a completed sale. It can be consistent with a holder preparing to sell, as Santiment noted in its December 2 report, but a deposit by itself does not establish what happened afterward. Exchange deposits and withdrawals should therefore be kept separate from wallet-balance changes and net buying.
The November 21 Ethereum example is a useful caution: a day of altcoin growth and large Ethereum deposits to exchanges can occur together. Neither the market’s direction that day nor the size of the deposits alone proves that whales were accumulating Ethereum.
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What a credible whale-buying comparison needs
Before comparing assets—including SHIB and DOGE—check that the numbers use the same basis:
- Whale cohort: A stated wallet-balance threshold or another explicit definition, applied consistently.
- Asset and chain: The specific token and network being measured; wrapped assets should not be silently treated as identical to their underlying assets.
- Time window: The same start and end dates for every asset, rather than a weekly snapshot for one and a quarterly figure for another.
- Metric and direction: Balance changes or net flows for accumulation claims; exchange deposits should be identified as deposits, not purchases.
- Attribution and limits: The data publisher, publication date, and any stated caveats. A snapshot is not a full-quarter census or a prediction.
On-chain analytics services such as Santiment describe tools for examining holder distribution and whale transactions. Those tools can help a reader inspect activity, but any conclusion still depends on the cohort, metric, chain, and dates selected.
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What this means for the SHIB-versus-DOGE premise
The cited material does not verify that whales spent Q4 2024 buying a defined set of alternatives rather than Shiba Inu or Dogecoin. Kaiko’s reported volume figures include DOGE, but volume cannot establish net whale buying; the Santiment snapshots describe accumulation broadly or transfers to exchanges, not a consistent comparative series for SHIB, DOGE, and other assets. The reports support distinctions between activity measures, not a definitive alternative-coin shopping list.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does this tell you what to buy now?
No. These are dated 2024 market reports, and they do not establish current whale positioning or what an investor should buy. Historical large-wallet activity can provide context, but it does not by itself show why a wallet moved tokens, whether a trade followed, or whether the same activity will continue.
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