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.

SHIB/USD Daily Chart, Courtesy: TradingView

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.

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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.

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.