Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 109% surge in large transaction volume over the last 24 hours as the market faced profit-taking.
Large transaction volume indicates the total amount transacted by whales and institutional players on a particular day. Spikes in Large Transaction Volume indicate increased activity among whales, which might be either buying or selling.
In the last 24 hours, Shiba Inu's large transaction volume amounted to $52.87 million or 3.02 trillion SHIB in crypto terms, representing a 109.83% increase.
Meme coins gained over the weekend as social sentiment and risk-taking among crypto traders increased. Shiba Inu also surged, climbing for three days in a row, reaching a high of $0.00001884 on Oct. 6 before retreating.
At the time of writing, SHIB was down 5.6% in the last 24 hours to $0.00001729 and down 6.89% in the past week. If today closes in the red, Shiba Inu would mark its second day of losses.
$229 million liquidations as market faces sell-off
According to CoinGlass data, crypto-tracked futures saw over $229 million in liquidations in the past 24 hours amid a market sell-off. Over 65,248 traders were liquidated, with the largest single liquidation order being $10.97 million on Binance.
Bitcoin fell as low as $62,000 late Monday after briefly touching $64,000, wiping out virtually all of its gains over the previous seven days. Major cryptocurrencies Solana (SOL), Ethereum (ETH), XRP and BNB plummeted over 4%, reversing Monday's gains. Shiba Inu also dipped, reversing earlier gains.
Tomiwabold OlajideThe lack of fresh measures and the announcement of a new Chinese stimulus dashed hopes for a long-awaited American stimulus package, denting market sentiment.
Meanwhile, cryptocurrency traders continue to look to Federal Reserve meetings later this week for clues on further positioning. The agency is scheduled to disclose FOMC minutes as well as crucial economic data from August that show growth.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov