The official Shiba Inu (SHIB) Twitter account shared a tweet celebrating the win after the meme coin price rose nearly 30% on Feb. The tweet, which showed the Shiba Inu mascot holding and displaying a mug, sparked excitement in the Shiba Inu community.
SHIB became the top-earning meme coin on Feb. While some of the SHIB gains have been wiped out, SHIB is still up 10% to trade at $0.0000152. The meme coin has been trading in the green for six consecutive days and has gained 30% in the past seven days. So why did the SHIB price increase?
One reason for the massive increase in SHIB price could be positive technical factors. Crypto analyst Ali Martinez spotted a bullish pennant pattern on the SHIB chart prior to its massive spike on Feb. This offered some technical optimism.
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Besides, Bone ShibaSwap (BONE) also made a jump of about 40% on February 4. This shows that the highly anticipated Shibarium event may also have contributed to the rise.
Big transactions skyrocketed
Likewise, whales may have contributed to the price increase. According to data from IntoTheBlock, large transactions exceeding $100,000 saw a staggering 472% increase, the highest increase in recent weeks or even months. Large transaction spikes are often associated with increased activity by whales or large trading owners.
Finally, according to the Shibburn website, a total of 13,518,918 meme coins have been burned in the last 24 hours. In this way, the rate of SHIB burning increased by 67%.
You can follow the current price action here.