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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a remarkable increase in whale activity over the last 24 hours, even as the broader cryptocurrency market faces a significant sell-off.

According to IntoTheBlock data, large transaction volumes for Shiba Inu have skyrocketed by 171%, reaching $25.81 million, or 1.97 trillion SHIB in crypto terms.

Large Transaction Volume estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in large transaction volume may indicate increased activity among whales, whether buying or selling.

Large transactions, which refer to transactions involving large quantities of cryptocurrency greater than $100,000, are often seen as a key indicator of market mood.

Top addresses belonging to whales, or institutional traders, often become most active during periods of extreme volatility. The recent spike in SHIB whale transactions might suggest that large holders, or whales, are either accumulating more of the token or moving significant amounts to different wallets. This surge comes at a time when the broader crypto market is experiencing a decline.

Crypto market dips, with $200 million in liquidations

Signs of economic weakness in the United States and China are unsettling investors, exacerbating the worst period for global markets since the Aug. 5 market drop.

The bearishness has spread to cryptocurrencies, with traders anticipating the U.S. jobs report on Friday as regards the outlook on the economy.

Bitcoin fell to a one-month low after a broader retreat from riskier investments on global markets due to concerns about the economic outlook, while other major cryptocurrencies also suffered losses.

At the time of writing, SHIB had dropped 3.85% in the previous 24 hours to $0.0000131.

According to CoinGlass data, liquidations across the crypto market have surged 247% in the last 24 hours to $200.09 million. Bullish traders betting on price increases of $170 million in long liquidations, while short liquidations accounted for $30 million.