Shiba Inu (SHIB), the popular dog-themed cryptocurrency, experienced a massive 109% increase in large transaction volume over the past 24 hours as the crypto market faced significant profit-taking. This rise in activity came amidst a broader market sell-off, where large players took advantage of the situation.
Whale Activity Surges in Shiba Inu Transactions
The surge in SHIB’s large transaction volume indicates increased activity by whales and institutional investors, which refers to transactions involving significant amounts of the cryptocurrency.
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These large transactions, often from major players, suggest either aggressive buying or selling. Within the last 24 hours, Shiba Inu saw $52.87 million in large transaction volume, amounting to 3.02 trillion SHIB tokens, marking a notable 109.83% rise in activity.
SHIB/USD Chart, Source: TradingView
Meme coins, including Shiba Inu, gained momentum over the weekend due to increased social sentiment and risk-taking among traders. SHIB benefited from this trend, recording gains for three consecutive days. On October 6, the token reached a high of $0.00001884 before experiencing a pullback. However, Shiba Inu lost some ground in the following hours, and as of the latest data, the price had dropped 5.6% in the last 24 hours to $0.00001729 and was down 6.89% over the week. If SHIB ends the day in negative territory, it will mark its second straight day of losses.
Cryptocurrency Liquidations Top $229 Million
Data from CoinGlass revealed that crypto-tracked futures saw over $229 million in liquidations during the past 24 hours due to the market’s sell-off. Over 65,248 traders were liquidated, with the largest single liquidation order of $10.97 million occurring on Binance. Bitcoin, which briefly touched $64,000, dropped to $62,000, wiping out almost all gains from the previous week.
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Other major cryptocurrencies, including Solana (SOL), Ethereum (ETH), XRP, and Binance Coin (BNB), also fell by over 4%, reversing their earlier upward momentum. Market sentiment weakened as the hopes for a U.S. stimulus package faded following the announcement of a new Chinese stimulus.
Investors are now closely watching the Federal Reserve’s upcoming meeting, which is expected to reveal FOMC minutes and important economic data from August. These reports could provide further insights into the direction of the market.
