Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant increase in whale activity over the past 24 hours, despite the broader crypto market seeing a significant sell-off.
According to IntoTheBlock, large Shiba Inu transaction volumes have skyrocketed by 171%, reaching $25.81 million or 1.97 trillion SHIB in cryptocurrency equivalent.
Large Transaction Volume measures the total amount of transactions conducted by whales and institutional participants on a given day. Spikes in large transaction volume may indicate increased activity among whales, whether buying or selling.
Large transactions, defined as transactions involving large amounts of cryptocurrency exceeding $100,000, are often seen as a key indicator of market sentiment.
Top addresses owned by whales or institutional traders often become most active during periods of extreme volatility. The recent surge in SHIB whale transactions may indicate that large holders, or whales, are either accumulating more tokens or moving significant amounts across wallets. This surge comes at a time when the broader cryptocurrency market is experiencing a downturn.
Cryptocurrency Market Falls, Asset Liquidation Amounts to $200 Million
Signs of economic weakness in the US and China are worrying investors, adding to the worst period for global markets since the August 5 market crash.
The bearish sentiment has also spread to cryptocurrencies as traders await Friday’s U.S. jobs report to gauge the economic outlook.
Bitcoin fell to a one-month low after a broader retreat from risky investments in global markets on concerns about the economic outlook, while other major cryptocurrencies also suffered losses.
At the time of writing, SHIB had fallen 3.85% over the previous 24 hours to $0.0000131.
Liquidations in the cryptocurrency market have surged 247% in the last 24 hours to $200.09 million, according to CoinGlass. Bullish traders are betting on a price rally of $170 million in long liquidations, while short liquidations totaled $30 million.
