As an experienced crypto investor who has navigated through numerous market fluctuations, I find myself cautiously optimistic about the recent surge in Shiba Inu (SHIB). A 109% increase in large transaction volume in just 24 hours is certainly a promising sign, but it’s essential to remember that these spikes can sometimes be indicative of whales cashing out. The $52.87 million in transacted volume is indeed impressive, but I prefer to see sustained growth over extended periods before making significant investment decisions.
Over the past day, there’s been a significant 109% increase in large transactions involving the digital currency based on Shiba Inu dogs (SHIB), as the market underwent profit-taking activities.
As a crypto investor, I notice that a high volume of large transactions suggests significant trading activity from whales and institutional investors on a given day. A surge in this volume signifies heightened action among the whales, potentially indicating they’re either accumulating more coins (buying) or offloading their holdings (selling).
Over the past day, the massive transaction volume of Shiba Inu reached approximately $52.87 million, equivalent to 3.02 trillion SHIB in cryptocurrency values. This represents a significant surge of 109.83%.
Over the weekend, I noticed a surge in meme coins as social buzz and risk-taking among fellow crypto traders escalated. Shiba Inu was particularly noteworthy, climbing for three consecutive days, peaking at $0.00001884 on October 6 before pulling back slightly.
Currently, Shiba Inu (SHIB) has decreased by approximately 5.6% over the last 24 hours to reach $0.00001729. Over the past week, it has dropped by 6.89%. If today ends with a decline, Shiba Inu will have experienced two consecutive days of losses.
$229 million liquidations as market faces sell-off
Based on information from CoinGlass, there were more than $229 million worth of cryptocurrency futures liquidations in the last day due to a market-wide sell-off. This affected approximately 65,248 traders, with the largest individual liquidation order totaling around $10.97 million on Binance.
On Monday evening, Bitcoin dropped to around $62,000 after momentarily reaching $64,000, effectively erasing nearly all its price increases from the past week. Meanwhile, notable cryptocurrencies such as Solana (SOL), Ethereum (ETH), XRP, and BNB experienced a 4% decline, undoing their Monday progress. Shiba Inu also saw a reversal in its gains.
The lack of fresh measures and the announcement of a new Chinese stimulus dashed hopes for a long-awaited American stimulus package, denting market sentiment.
In the meantime, cryptocurrency traders are keeping a close eye on upcoming Federal Reserve meetings this week, hoping for indications about future strategies. The Fed will release FOMC meeting minutes and significant economic data from August, which could signal growth.
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2024-10-08 15:00