Cryptocurrency analytics firm Santiment reported that Shiba Inu (SHIB) experienced a sharp increase in volatility after the token’s price rose 37% over two days before quickly giving back part of those gains.

According to Santiment’s data, social media attention around Shiba Inu increased significantly during the rally. SHIB’s social dominance reached 0.084%, marking its highest level since April 2. Social dominance is commonly used by analytics firms to measure how much discussion around a specific asset accounts for broader crypto-related social activity. The firm said, however, that investor interest appeared to peak as the price move was already beginning to lose strength.

On-chain data also pointed to increased activity among large holders. Santiment said 52 whale transactions involving SHIB were recorded in a single day, the highest daily total since March 31. In crypto market analysis, “whale” transactions generally refer to large transfers or trades made by holders with substantial token balances.

Santiment said the rise in whale transactions suggests that large investors may have used the price increase as an opportunity to reduce their SHIB positions and realize profits. By contrast, the firm said retail investors appeared to enter the market later in the move. For heavily traded meme-linked tokens, shifts in social attention and large-holder activity are often watched together because rapid sentiment changes can coincide with short-lived bursts of trading volume.

The company said the jump in social media interest after the sharp rise indicated that smaller investors may have bought under the effect of FOMO, or Fear of Missing Out, as the price approached its peak. Santiment said that buying activity may have provided whales with the liquidity needed to reduce their positions.

Shiba Inu, traded under the ticker SHIB, is a widely followed meme-linked cryptocurrency. Santiment is a cryptocurrency analytics company that tracks social, market and on-chain data across digital assets.