According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced a significant 540% increase in large transaction volume, indicating heightened whale activity. Large Transaction Volume is a measure of the total amount transacted by whales and institutional participants on a specific day. In this case, large transactions are those exceeding $100,000. Data from IntoTheBlock reveals that Shiba Inu's large transaction volumes reached $92.42 million in the last 24 hours, a 540.04% increase, equivalent to 5.71 trillion SHIB in cryptocurrency terms.
At the time of writing, Shiba Inu was trading down 1.43% in the last 24 hours to $0.00001623, as the cryptocurrency market showed mixed price action ahead of key data releases during the week. This comes amidst uncertainties about the future of monetary policy, with Federal Reserve officials repeatedly stating that they will wait for evidence of easing inflation before lowering interest rates.
Federal Reserve Chairman Jerome Powell is set to testify this week, on Tuesday before the Senate Banking Committee, and Wednesday before the House Financial Services Committee. Investors will be keenly watching for any hints in his statements about the central bank's economic and monetary policy expectations. Several other Federal Reserve officials are also scheduled to speak during the week, potentially providing further insights.
In terms of price action, a significant break above the daily simple moving averages 50 and 200 at $0.00001936 and $0.00002088 could signal a bullish rebound. In the short term, $0.000012 is expected to serve as crucial support.