With its price decoupling from the current sell-off that is roiling cryptocurrencies like Ethereum (ETH) and XRP among others, Shiba Inu (SHIB) is displaying a positive divergence today. Shiba Inu is up 2.4% to $0.000008616 as of this writing, maintaining pace above the $0.0000086 support zone.
The current market performance of SHIB is strongly correlated with the increase in whale activity. Over the span of three days, Shiba Inu whale transactions increased by 162%, according to data from IntoTheBlock. The number of significant transactions in Shiba Inu increased dramatically from 24 on November 15 to 63 as of this writing.
These big transactions, according to IntoTheBlock’s definition, are those that have a value of $100,000 or more. The 24 transactions that were recorded in November occurred when the price of SHIB was fixed at $0.000009, as can be seen from the data, and the clear rise suggests that whales are increasing their holdings by taking advantage of the lower pricing.
The approach is profitable and consistent with the fundamental trading philosophy of buying low and selling high. This means that we should anticipate some overall volatility, which might lead to a brief sell-off in the price of SHIB.
Confluence of positive metrics
Shiba Inu’s performance is declining in a few of its important parameters. Although its burn rate had a great week, the most recent Shibburn data indicates a decreasing rate, even if more than 50,000,000 SHIB had been delivered to dead wallets.
The community is still anticipating the remarkable enhancements that the Shytoshi Kusama-led core development team has promised. Although sentiment is still mostly driven by the promise to launch dApps and innovations to join the bull run, seeing any real action in this direction should support the present price outlook.