Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a whopping 540% surge in large transaction volume, which denotes whale activity.

Large Transaction Volume estimates the total amount transacted by whales and institutional participants on a particular day.

Spikes in Large Transaction Volume indicate increased activity among institutional players, whether buying or selling. In this context, large transactions refer to those greater than $100,000.

According to IntoTheBlock data, Shiba Inu’s large transaction volumes came in to $92.42 million in the last 24 hours, representing a 540.04% increase. This amounted to 5.71 trillion SHIB in crypto terms.

Shiba Inu price action

At the time of writing, Shiba Inu was trading down 1.43% in the last 24 hours to $0.00001623 as the cryptocurrency market posted mixed price action ahead of key data releases during the week.

This comes as doubts about the future of monetary policy linger, and Fed officials have frequently stated that they will wait for evidence indicating that inflation is easing before decreasing interest rates.

Fed Chairman Jerome Powell is also scheduled to testify this week, on Tuesday before the Senate Banking Committee, and Wednesday before the House Financial Services Committee. Investors will be looking for more hints from his statements about the central bank’s economic and monetary policy expectations.

Several other Fed officials are scheduled to speak during the week, which could provide additional insights.

On the upside, a significant break above the daily simple moving averages 50 and 200 at $0.00001936 and $0.00002088 could herald a bullish rebound; in the short term, $0.000012 is expected to serve as important support.