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Shiba Inu (SHIB) Shares Winning Tweet After 30% Price Jump: Details

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Sun, 5/02/2023 - 9:09
Shiba Inu (SHIB) Shares Winning Tweet After 30% Price Jump: Details
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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.

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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.

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The 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.

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