Shiba Inu’s Twitter account posted a tweet “Oscar winner” after SHIB’s price jumped nearly 30 percent on February 4. The tweet, which showed the Shiba Inu mascot holding an Oscar, sparked excitement in the Shiba Inu community.
SHIB was one of the top gainers on February 4, with its price reaching an intraday high of $0.00001590. Although some of the gains were slightly down, SHIB was still up 10% at $0.0000152. The token has also risen 30% over the past seven days as it prepares to mark its sixth consecutive day of gains.
One reason for SHIB’s huge price jump could be due to favorable technical factors. SHIB has resolved a bullish pennant, which has driven its price higher.
Prior to its massive rise on February 2, crypto-currency analyst Ali Martinez spotted a bullish pennant pattern on his chart and predicted that its price could rise back up near the $0.000017 mark.
The optimism around the upcoming Shibarium also seems to have contributed to its fundamentals, as Bone ShibaSwap (BONE) also jumped nearly 40% on February 4.
Shibarium’s builder, Unification, shared the progress of the Layer 2 solution, stating that “while the public beta network has yet to be deployed, that day is rapidly approaching.”
Large transactions jump an impressive 472%.
Similarly, whales or large holders may have contributed to the price spike. According to IntoTheBlock large transactions, defined as those over $100,000, are up 472%, which is the largest increase in recent weeks, if not months.
Large transactions often act as an indicator of whale behavior, which may be buying or selling. A massive increase in this metric may suggest extremely active whales.
In the last 24 hours, there have been a total of 13,518,918 SHIB tokens burned and nine trades, with the SHIB burn rate up 67%, according to the Shibburn website.