Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
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.
Alex Dovbnya
