Dog-themed cryptocurrency Shiba Inu (SHIB) recorded a significant increase in large transaction volume over the last 24 hours as the market faced sell-offs.
Shiba Inu's Transaction Volume Increase
Shiba Inu's large transaction volume amounted to $52.87 million or 3.02 trillion SHIB, a 109.83% increase, indicating heightened activity among whales and institutional investors, which might signal both buying or selling.
Crypto Market Reacts to Sell-Offs
Crypto-tracked futures saw over $229 million in liquidations in the past 24 hours amid market sell-offs, affecting more than 65,248 traders.
Impact of Macroeconomic Factors
The lack of fresh measures and announcements of a Chinese stimulus affected expectations for an American stimulus package, denting market sentiment.
The impact of whale transactions on the Shiba Inu market highlights the importance of large players in driving cryptocurrency prices. Investors remain cautious, awaiting key macroeconomic signals.