Shiba Inu (SHIB) is charting a bullish course today, demonstrating a noteworthy divergence as it disconnects from the prevailing sell-off affecting other altcoins like Ethereum (ETH) and XRP. At the time of this report, Shiba Inu has surged by 2.4% to reach $0.000008616, confidently maintaining its momentum above the critical support level of $0.0000086.
The positive movement in SHIB’s market performance can be attributed to a surge in whale activity. Data from IntoTheBlock reveals a remarkable 162% increase in Shiba Inu whale transactions within a three-day span. To put it into perspective, the number of substantial transactions in Shiba Inu surged from 24 on November 15 to 63 transactions at the current moment.
Related: SHIB Price Skyrockets as Shiba Inu On-Chain Activity Surges by 627%
These significant transactions, defined by IntoTheBlock as those exceeding $100,000, have seen a substantial uptick. Notably, the 24 transactions in November occurred when SHIB was valued at $0.000009. The evident spike indicates that whales are capitalizing on the discounted prices to bolster their holdings.
This strategic move appears to be effective and aligns with the fundamental trading principle of buying low and selling high. Consequently, we may anticipate increased volatility across the market, potentially triggering a modest sell-off in SHIB’s price in the short term.
A Confluence of Positive Metrics
Despite Shiba Inu showcasing a remarkable burn rate over the week, some key metrics indicate a tapering performance. While over 50,000,000 SHIB has been sent to dormant wallets, current Shibburn data suggests a slowing rate.
related: SHIB Surges: Cryptocurrency Market Hits Local Peaks, Eyes Further Growth!
The community eagerly awaits significant updates, as promised by the core developer team led by Shytoshi Kusama. The commitment to introducing decentralized applications (dApps) and innovative features to ride the bullish wave remains a pivotal driver of sentiment. Actual progress in these developments can play a crucial role in sustaining the current optimistic price outlook.