Shiba Inu dog-themed cryptocurrency (SHIB) has seen a massive 540% increase in transaction volume, indicating whale activity.
Large Transaction Volume measures the total amount of transactions made by whales and institutional participants on a given day.
Spikes in the volume of large transactions indicate increased activity by institutional players, whether buying or selling. In this context, large transactions are those that exceed $100,000.
According to IntoTheBlock, the volume of large Shiba Inu transactions in the last 24 hours was $92.42 million, representing a 540.04% increase. This amounted to 5.71 trillion SHIB in cryptocurrency equivalent.
Shiba Inu Price
At the time of writing, the price of Shiba Inu has fallen 1.43% in the last 24 hours to $0.00001623 as the cryptocurrency market has seen mixed price action ahead of key data releases during the week.
This comes amid continuing doubts about the future of monetary policy, with Fed officials repeatedly saying they will wait for evidence of a slowdown in inflation before cutting interest rates.
Fed Chairman Jerome Powell is also scheduled to testify this week, before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday. Investors will be looking for more clues in his statements about the central bank’s economic and monetary policy expectations.
Several more Fed officials are scheduled to speak later this week and may provide additional information.
On the other hand, a significant break above the daily 50 and 200 simple moving averages at $0.00001936 and $0.00002088 could herald a bullish bounce, with $0.000012 expected to serve as important support in the short term.
