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Shiba Inu (SHIB) is showing a bullish divergence today as its price decoupled from the ongoing sell-off that is shaking altcoins like Ethereum (ETH) and XRP, among others. At the time of writing, Shiba Inu is up 2.4% to $0.000008616, steadily maintaining momentum above the $0.0000086 support zone.
SHIB’s current performance in the market may be closely related to the increase in whale activity. Data from IntoTheBlock shows that Shiba Inu whale transactions increased by 162% over the course of three days. In terms of actual numbers, large transactions recorded on Shiba Inu skyrocketed from 24 on November 15 to 63 transactions at the time of writing.
By IntoTheBlock’s definition, these large transactions represent those valued at $100,000 or more. As evident from the data, the 24 transactions recorded in November occurred when the SHIB price was fixed at $0.000009, and the obvious jump indicates that whales are taking advantage of the discounted prices to increase their holdings.
The strategy is working and aligns with the core trading ideology that traders buy low and sell high. Based on this, we can expect some volatility across the board, which may trigger a slight sell-off in SHIB price in the short term.
Confluence of positive metrics
Shiba Inu is experiencing declining performance in some of its key metrics, and while it has posted an impressive week in terms of its burn rate, current data from Shibburn suggests a slowdown despite more than 50,000 being shipped ,000 SHIB to dead wallets.
The community is still nervous about getting impressive updates, as promised by the core team of developers headed by Shytoshi Kusama. While the promise of deploying dApps and innovations to join the bullish rally remains a key sentiment driver, making real movement in this regard may help sustain the current price outlook.
