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The official Shiba Inu (SHIB) Twitter account has posted a "winning" tweet after the SHIB price jumped nearly 30% on Feb. 4. The tweet, which showed the Shiba Inu mascot holding and displaying a trophy, stirred excitement in the Shiba Inu community.
— Shib (@Shibtoken) February 4, 2023
SHIB was a top gainer on Feb. 4 as its price rose to intraday highs of $0.00001590. Though some of the gains had slightly eased, SHIB was still up 10% at $0.0000152. The token is also up 30% in the past seven days as it sets out to mark its sixth consecutive day of gains.
A reason for the immense jump in SHIB price might be due to favorable technical factors. SHIB resolved a bullish pennant, which escalated its price higher.
Ahead of its massive rise, on Feb. 2, crypto analyst Ali Martinez spotted a bullish pennant pattern on its chart and predicted its price might rally near the $0.000017 mark.
Tomiwabold OlajideThe optimism around the upcoming Shibarium also seems to have contributed to its fundamentals, as Bone ShibaSwap (BONE) also made a near 40% jump on Feb. 4.
Shibarium builder Unification shared progress on the Layer 2 solution, saying that "although the public beta network is yet to be deployed, that day is rapidly moving ever closer."
Large transactions jump staggering 472%
Likewise, whales or large holders might have contributed to the surge in price. According to IntoTheBlock data, large transactions, defined as those that exceed $100,000, increased by a staggering 472%, which is the highest increase in recent weeks or even months.
Large transactions frequently act as a proxy for whale behavior, which may be buying or selling. A massive increase in this metric may suggest extremely active whales.
In the past 24 hours, there have been a total of 13,518,918 SHIB tokens burned and nine transactions, as the SHIB burn rate is just up 67%, according to the Shibburn website.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin